Bitcoin (BTC) is going to see a major trend change, according to this analyst

The queen of cryptos had one of its worst drops in 2022. But for some time now it has been gaining momentum. This is confirmed by crypto analyst Rekt. He said bitcoin (BTC) ended March on a high note. The analyst then predicts that we will probably witness a major trend change in bitcoin (BTC).

Towards an uptrend in bitcoin (BTC)

The crypto analyst under the nickname Rekt has announced rather encouraging news for Bitcoin fans. He revealed to his 341,800 Twitter followers that bitcoin (BTC) has concluded its 16-month bear market. And this, after having closed the month of March in the green. Indeed, the analyst believes that this crypto managed to close the month of March above a diagonal critical resistance. This hurdle had kept the price down since November 2021.

bitcoin trend - towards a major trend change for bitcoin (BTC)
Technical analysis on bitcoin (BTC) – source: Rekt on Twitter

Rekt reports that the first crypto by capitalization confirmed its breakout beyond the downside macro trend on April 1. It will then start a new bullish macro-trend. The history of bitcoin (BTC) has long shown that bull markets typically emerge when its value breaks out of a downtrend line. BTC broke the macro bearish trendline. We could then expect a bullish macro-trend soon.

Formation of a bullish quarterly engulfing candle

Analyst Rekt also states that the quarterly candle for the first quarter has completely engulfed that of the fourth quarter of 2022. In a technical analysis, a bullish engulfing candle or “bullish engulfing” indicates a potential reversal of the trend as it shows tremendous buying pressure. The last bullish engulfing on the price of bitcoin (BTC) was at the beginning of 2020, before it reached its all-time high, says Rekt. This crypto was trading below $10,000 at that time.

bitcoin trend - towards a major trend change for bitcoin (BTC)
Bitcoin (BTC) candlestick chart, quarterly scale – source: Rekt on Twitter

The chart indicates a bullish quarterly engulfing candle that marked the beginning of bitcoin (BTC)’s ascent to a new all-time high of $69,000. The crypto leader has officially confirmed bullish engulfing.

According to this analysis by Rekt, the bearish trend of bitcoin (BTC) since its all-time high has therefore come to an end. We could then expect a new explosion in its course. However, it is also possible that BTC will make a correction before this explosive rise.

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