A popular crypto trader is certain that Bitcoin (BTC) will soon break its macro downtrend as the top crypto by market cap trades near $25,000.
Pseudonymous crypto analyst Rekt Capital is urging his 338,100 Twitter followers to keep an eye on BTC to break the trend soon.
“BTC will break the macro downtrend sooner rather than later.”
The analyst goes on to explain what exactly breaking the downtrend will mean next for the crypto king. According to the trader’s chart, BTC’s upcoming trend break will stimulate a new “macro cash flow cycle.”
“If BTC breaks the macro downtrend…
It will start a new macro cash flow cycle.”
Source: Rekt Capital/Twitter
Rekt highlights a specific price point when it comes to macro downtrend resistance. The analyst appears to be implying that BTC needs to break the $24,755 range to reverse the script.
“BTC is just below macro downtrend resistance.”
Source: Rekt Capital/Twitter
In a follow-up tweet, Rekt further explains the importance of the moment.
“BTC is below macro downtrend resistance
But the way the downtrend is set up, next month’s breakout price will be ~$23,400
So if BTC holds these highs or even stays above ~$23,400 heading into April…
It will register a technical breakout.”
BTC is worth $24,879 at the time of writing and is teetering on the fringes of $25,000. BTC is up 1.46% in the last 24 hours.
Don’t miss a thing – Sign up to receive crypto email alerts straight to your inbox
Check the price action
Follow us on Twitter, Facebook and Telegram
Surf the Daily Hodl Mix
Check the latest headlines
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any risky investments in bitcoin, cryptocurrency or digital assets. Please note that you transfer and trade at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Lotus_studio
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.