Prominent crypto analyst REKT CAPITAL has announced that Bitcoin (BTC) has successfully broken a significant downtrend, signaling a potential upward trajectory for the leading cryptocurrency. According to the analyst, BTC has not only breached a crucial diagonal resistance but has also flipped it into support, maintaining a steady position above $85,000.
“Bitcoin hasn’t just broken the Downtrend and successfully retested it as support for the first time since Downtrend formation,” REKT CAPITAL stated. “But Bitcoin has also been able to sustainably maintain above the Downtrend for a period of several consecutive days now.”
The analyst further elaborated that Bitcoin is likely in the first corrective stage of what he calls the “Banana Zone,” a phase of parabolic expansion typically observed after Bitcoin surpasses previous cycle highs. REKT CAPITAL predicts that BTC could soon reach new all-time highs before entering another corrective phase, ultimately culminating in a peak during the bull market.
“Technically, we should be seeing parabolic upside, but instead we’re getting consolidation,” he explained. “The ‘Banana Zone’ is a term of endearment for the parabolic phase of the cycle when it comes to Bitcoin’s price action whenever it breaks beyond old all-time highs into new all-time highs.”
At the time of writing, Bitcoin is trading at $87,523, reflecting the ongoing market optimism.
Sources: REKT CAPITAL/X