A widely known cryptocurrency analyst says he is updating his bull market outlook, starting with Bitcoin (BTC).
Pseudonymous cryptocurrency trader Rekt Capital says 382,300 followers on social media platform
“We have the entire BTC Bear Market behind us.
And there is a whole BTC bull market ahead of us.”
The analyst looked at the top cryptocurrencies by market capitalization Bitcoin, which fell 1.6% in the last 24 hours. Called The downtrend will soon turn into an uptrend.
“The Bitcoin Daily Candle closed above the top of the pattern and actually pulled back for a very volatile retest.
BTC still holds the upper end of the structure.
“As long as this continues, there will be new upside here.”
At the time of writing, the value of BTC is $43,600, up 1% over the past week.
A look at the decentralized exchange Uniswap (UNI) in the Altcoin Newsletter confirms UNI’s long-term upward trend, the trader says.
“UNI has retested the top of the blue channel despite the monthly close being above the black level.
However, the macro picture looks promising as UNI has confirmed its complete departure from the blue market structure.
In other words, UNI has fully confirmed the new macro uptrend.
We did this by closing the month above the top of the blue channel and successfully retesting the top of the channel with new support.
If December was UNI’s breakout month, January will ultimately be UNI’s retest month.
This is UNI’s main technology event, but let’s focus on another event as well.
UNI also remains in the black $6.53 level, which served as a rejection point in mid-2023 and early 2023 as well.
Holding this as support will result in a noticeable shift in market sentiment at this level.
“A long-term macroscopic upward trend has been confirmed,” he said.
UNI is trading at $6.32 at the time of this writing, down 5% in the past day.
Don’t miss a beat – subscribe to get email alerts delivered straight to your inbox
Check Price Action
follow us TwitterFacebook, Telegram
Daily Hodl Mix Surfing
 
Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and that you are responsible for any losses that may occur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.
Featured image: Shutterstock/Tithi Luadthong