A pseudonymous cryptanalyst predicts that Bitcoin USD/BTC willpower make history with a key rebound.
In a tweet on Friday, Social capital He told supporters that the cryptocurrency would enter macro resistance to the downside in April, a trend that has kept Bitcoin bearish since reaching its all-time high in 2022.
Bitcoin broke out precisely 396 days before the halving, which is scheduled for April 2024. The halving takes place when the amount of newly issued BTC is halved.
Rekt Capital also interestingly noted that, in 2019, Bitcoin broke out exactly 396 days before the 2020 halving. It added that the cryptocurrency โtends to break the macro downtrend around a year before its next halving.โ half".
In other cheepRekt Capital said that another factor favoring Bitcoin is โa bullish engulfing quarterly candle.โ
โBTC is about to confirm its first quarterly bullish engulfing candle since early 2020. Historically, quarterly bullish engulfing candles have preceded several bullish quarters,โ he wrote.
Meanwhile, cryptanalyst and economist alex krueger He noted that Bitcoin now plays a different role in investors' portfolios than it did in the past. In a tweet, he wrote that Bitcoin would not make anyone rich like it did 10 years ago, explaining that cryptocurrency is now an effective way to preserve wealth and store value.
โPeople should no longer buy Bitcoin to get rich. That ship has sailed. Bitcoin is now for wealth preservation, attractive risk-adjusted returns, trading and hedging against the fiat system,โ she said. tweeted.
At the time of writing, Bitcoin was trading at $28,300, up about 1% over the past seven days.
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