Analyst Says Bitcoin Well Positioned for Upside After ‘Bullish’ Monthly Close – But There’s a Catch
A closely followed crypto strategist believes that Bitcoin (BTC) is gearing up for a bullish continuation after a strong performance in June.
Pseudonymous analyst Rekt Capital tells his 347,600 Twitter followers that Bitcoin still has more room to run to the upside after taking out its psychological resistance at $30,000 last month.
However, the trader believes that BTC will likely witness a brief pullback to retest its previous resistance as support before the next leg up.
“New BTC monthly close is bullish.
BTC has broken into a new range (black-red).
To fully confirm a return to the range, a dip to $29,250 would be healthy (black).
Downside wicking below (black) wouldn’t out of the ordinary.
Well positioned for upside overall.”
At time of writing, BTC is trading for $31,146.
The crypto strategist is also keeping a close watch on the Bitcoin dominance chart (BTC.D), which tracks how much of the total crypto market capitalization belongs to Bitcoin.
According to Rekt Capital, BTC.D looks poised for a correction, suggesting that it may be time for altcoins to steal Bitcoin’s thunder.
“If history repeats, BTC dominance will be pulling back in the short-term, enabling a lot of altcoin moves to the upside.
But afterward, BTC dominance will likely resume its upward trajectory to perhaps even as high as 58% (green).”
At time of writing, BTC.D is hovering at 51.38%.
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Author: Daily Hodl Staff
