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Bitcoin Repeating 2019 Breakout? Crypto Analyst Looks at BTC After Big Bounce From Lows

A broadly adopted crypto analyst says that Bitcoin (BTC) may very well be brewing a repeat of its 2019 breakout after forming an analogous sample over the previous couple of weeks.

In a brand new technique session, pseudonymous crypto dealer Rekt Capital tells his 45,000 YouTube subscribers that the king crypto’s present market construction appears very very like it did in 2019 earlier than BTC sparked an enormous rally to the upside.

“Let’s begin off with [the 2019 market structure] being similar to [the 2023 market structure]. I imply, it’s very small [now] in comparison with [the past], however nonetheless, increased lows and an ascending triangle for a number of weeks after which a breakout…

So are these comparable? Market structure-wise and time-wise, they’re comparable, and they’re comparable additionally within the breakout rally that we noticed get generated from that ascending triangle, 27% and 21%.”

Supply: Rekt/YouTube

The strategist goes on to tell his 333,700 Twitter followers that although Bitcoin’s present surge might seem like a FOMO [fear of missing out] rally, he says that the actual macro FOMO hasn’t begun.

“The BTC month-to-month candle is up round +38% proper now. Within the brief time period, individuals are FOMOing into BTC.

However within the grander scheme of the brand new cycle, that is hardly FOMO Macro .

FOMO will start from $69,000 on the best way to new all-time highs.”

The dealer cautions traders that within the brief time period, BTC is probably not able to blast again into a brand new bull market simply but. He says Bitcoin faces massive resistance across the 200 week transferring common (MA) and will find yourself faking out BTC bulls earlier than dipping once more.

“It’s price noting {that a} fakeout situation right here might happen for BTC because the 200-week MA is hovering simply above ~$23,400.

And so, 200-MA might act as resistance within the short-term.

Usually, BTC must reclaim the 200MA as help for additional bullish momentum.”

Supply: Rekt Capital/Twitter

Bitcoin is altering fingers for $22,770 a time of writing.

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Disclaimer: Opinions expressed at The Day by day Hodl aren’t funding recommendation. Traders ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your personal threat, and any loses it’s possible you’ll incur are your duty. The Day by day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Day by day Hodl an funding advisor. Please word that The Day by day Hodl participates in internet affiliate marketing.

Featured Picture: Shutterstock/Iggy Nyx



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