A closely followed Crypto analyst says Bitcoin (BTC) has destroyed the downtrend with a powerful price action.
A pseudonym analyst known as Rekt Capital tells 543,000 followers on social media platform X that after BTC exceeded $85,000, BTC broke the oblique resistance and flipped to support.
“Bitcoin not only defeated the downtrend, but also successfully retested it as support for the first time since the downtrend formation.
However, Bitcoin has also been able to maintain sustainability beyond the downtrend for several consecutive days. ”
Source: Rekt Capital/X
Rekt Capital also states that BTC is likely in the first correction stage of the “banana zone” or in the phase of Bitcoin’s parabolic expansion after breaking the highs of the last cycle.
Analysts suggest that BTC will soon spike to a new history high before entering the new corrective phase and its final launch into its bull market peak.
“Technically, we should be seeing the benefits of parabola, but instead we are getting (integration). “Banana Zone” is the term for affection in the parabolic stage of the cycle, in regards to Bitcoin price action beyond the oldest history highs.
What happens when Bitcoin price action hits a new all-time high, yes, you see those new all-time radioactive ascension, but sometimes when you hit a new all-time high, you tend to bump around the old and most-time highs, and you tend to bump around the old-time best regions, and the new all-time highs.
What that means is that we will see the added benefits. There is a tendency for price discovery to show at least two correction periods. ”
At the time of writing, BTC is trading at $87,523.
Generated Image: Midjourney
