Analyst says Bitcoin is poised for an uptrend after ‘bullish’ monthly close – but there’s a catch
A closely followed crypto strategist believes Bitcoin (BTC) is preparing for a continuation of the uptrend after a strong performance in June.
Pseudonymous analyst Rekt Capital tells his 347,600 Twitter followers that Bitcoin still has more room to the upside after it broke its psychological resistance at $30,000 last month.
However, the trader reckons that BTC is likely to see a brief pullback to retest its previous resistance as support ahead of the next surge.
“The new BTC monthly close is bullish.
BTC has broken into a new range (black-red).
To fully confirm a return to the range, a drop to $29,250 would be healthy (black).
Moisture wicking at the bottom (black) wouldn’t be unusual.
Overall well positioned for upside.”
Source: Rekt Capital/Twitter
At the time of writing, BTC is trading at $31,146.
The crypto strategist is also keeping a close eye on the Bitcoin Dominance Chart (BTC.D), which tracks how much of the total crypto market cap is Bitcoin.
According to Rekt Capital, BTC.D seems poised for a correction, suggesting that it might be time for altcoins to outperform Bitcoin.
“If history repeats itself, BTC dominance will decline in the near-term, which will allow for many altcoin moves to the upside.”
But after that, BTC dominance is likely to continue its uptrend and maybe even hit 58% (green).”
Source: Rekt Capital/Twitter
At the time of writing, BTC.D is trading at 51.38%.
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