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A Crypto Analyst Says Bitcoin Is On The Cusp Of Making History. Here's Why
© Provided by Benzinga
A pseudonymous crypto analyst predicts that Bitcoin (CRYPTO: BTC) will make history with a key upswing.
In a tweet on Friday, Rekt Capital told his followers that the cryptocurrency would enter a macro downward resistance in April, a trend that has kept Bitcoin bearish since it hit its all-time high in 2022.
Bitcoin has broken out precisely 396 days before the halving, which is slated for April 2024. Halving takes place when the amount of newly issued BTC is cut in half.
Rekt Capital also interestingly noted that, in 2019, Bitcoin broke out exactly 396 days before the halving of 2020. He added that the cryptocurrency "tends to break Macro Downtrend around a year before its upcoming Halving."
In another tweet, Rekt Capital said that another factor that is favoring Bitcoin is "a quarterly bullish engulfing candle."
“BTC is on the cusp of confirming its first quarterly bullish engulfing candle since early 2020. Historically, quarterly bullish engulfing candles have preceded multiple quarters of upside,” he wrote.
Meanwhile, crypto analyst and economist Alex Krüger pointed out that Bitcoin now plays a different role in investors’ portfolios than it has in the past. In a tweet, he wrote that Bitcoin wouldn’t make anyone rich the way it had 10 years ago, explaining that the cryptocurrency is now an effective way to preserve wealth and store value.
“People shouldn’t be buying Bitcoin to get rich any longer. That boat has sailed. Bitcoin is now for wealth preservation, attractive risk-adjusted returns, trading, and hedging against the fiat system,” he tweeted.
At the time of writing, Bitcoin was trading at $28,300, about 1% up in the last seven days.
Read Next: Bitcoin Surges Past This Key Level; Mask Network, Frax Share Among Top Gainers
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This article A Crypto Analyst Says Bitcoin Is On The Cusp Of Making History. Here's Why. originally appeared on Benzinga.com
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