Bearish Thesis for Bitcoin Nearly Invalidated As BTC Breaks $31,000, Says Crypto Analyst – Here’s Why
A widely followed crypto analyst says that if Bitcoin (BTC) convincingly breaks above a key level the king crypto would likely eliminate the risk of a macro bearish reversal.
Pseudonymous crypto trader Rekt Capital tells his 361,000 followers on the social media platform X that BTC needs to remain above $31,000 to invalidate a bearish thesis.
“A clean break of the $31,000 highs is the final step to fully invalidating the bearish Bitcoin fractal.”
Looking at the trader’s chart, he suggests that if Bitcoin stays above $31,000, BTC would ultimately invalidate an Elliott wave corrective pattern forming on the weekly chart.
However, the trader says if BTC fails to flip $31,000 into support, BTC could dip to the $27,000 range.
“At range high resistance after breaking its multi-month lower high.
Reclaim red as support and/or weekly close beyond would likely confirm a breakout beyond the range high.
Until then, there is scope for a pullback into the high ~$27,000 for a retest.”
Bitcoin is trading for $31,146 at time of writing.
The trader also weighs in on Chainlink (LINK) now that the decentralized oracle service has abruptly exploded past $10. He says LINK is at the beginning of a larger uptrend.
“When an old macro downtrend ends…
A new macro uptrend begins.”
Chainlink is trading for $10.04 at time of writing.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post Bearish Thesis for Bitcoin Nearly Invalidated As BTC Breaks $31,000, Says Crypto Analyst – Here’s Why appeared first on The Daily Hodl.
Go to Source
Author: Daily Hodl Staff
