Since mid-July, the crypto market has been quite calm and not very active. Some altcoins surged earlier, driven by positive sentiment after the SEC vs XRP decision. Meanwhile, Bitcoin stayed stable and even dropped from its peak in June.
Rekt Capital mentioned that BTC hasn’t hit the needed resistance to break the Higher High. The RSI also hasn’t overcome its downtrend to invalidate the Weekly Bearish Divergence. BTC being back at $30,000 is good, but there’s no clear trend shift yet.
He added that in this third phase of the Four Year Cycle, BTC has gone up by +100%. Though this increase is smaller compared to past trends, we should consider diminishing returns. Still, there’s potential for some extra gains this year, though not too high.
#BTC is not yet at the resistance it needs to break to invalidate the Higher High
And the RSI has not yet broken the downtrend it needs to invalidate the Weekly Bearish Divergence
Nice to see BTC back at $30,000 but no real trend shift has occurred yet$BTC #Crypto #Bitcoin pic.twitter.com/ZOu5QrSBVc
— Rekt Capital (@rektcapital) August 9, 2023
He compared Candle 3 to a bottoming point in the BTC Four Year Cycle. Past examples show significant increases – in 2015, there was a +234% rise, and in 2019, a +316% surge. He believes that Candle 3 in 2023 could bring even better gains than expected.
The analyst added that BTC successfully crossed around $29,250 and reached as high as about $30,200. The focus now shifts to how BTC performs after this upward movement. If it holds above approximately $29,250, that could indicate growing market strength. However, dropping below this level would turn the recent upward spike into a weekly upside wick.
He wrote on Twitter, “#BTC has managed to break past ~$29250 & has upside wicked to ~$30200. Now it’s all about how $BTC behaves after this rally. Stay above ~$29250 & that would be a sign of developing
At the time of writing, Bitcoin is exchanging hands at $29,915 and is up by more than one percent.
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
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