Bitcoin

Bull Market

Rekt

Time

<p>The latest Rekt Capital newsletter discusses the recent changes in Bitcoin’s price action, suggesting that the downtrend may be over and a potential breakout could be imminent.</p>
<p>Earlier in the month, Rekt Capital explained how Bitcoin was expected to follow a specific trajectory (the red path) to position itself for a move beyond its established downtrending channel (marked in black).</p>
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<p>Last week, Bitcoin appeared set for a retest of the bottom of this channel, a crucial step for maintaining its momentum and potentially breaking through the downtrend that has persisted since late July.</p>
<p>As the week progressed, Bitcoin successfully followed the anticipated red path, decisively breaking a series of lower highs (indicated in light blue). A key milestone was the need for Bitcoin to achieve a weekly close above approximately $61,900—representing the downtrend.</p>
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<p><a href="https://newsletter.rektcapital.co/email/3130dcb9-c0aa-4bb4-8831-3b5715fe9153/?ref=rekt-capital-newsletter" target="_blank" rel="noopener noreferrer nofollow">Rekt Capital notes</a> that Bitcoin not only met this requirement but closed significantly higher, signifying the end of the downtrend.</p>
<p><strong><em>Read Also: <a href="https://captainaltcoin.com/what-happens-to-bitcoin-in-october-when-september-is-green-btc-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">What Happens to Bitcoin in October When September Is ‘Green’? BTC Price Prediction</a></em></strong></p>
<h2 class="wp-block-heading" id="a-possibe-btc-price-retest-anticipated">A Possibe BTC Price Retest Anticipated</h2>
<p>However, Rekt Capital cautions that when a downtrend concludes, there is often a chance for the price to pull back into the previous downtrend area, which could then serve as new support. For this confirmation to occur, a slight drop to around $61,300 would be necessary.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="686" src="https://captainaltcoin.com/wp-content/uploads/2024/09/image-519-1024x686.png" alt="" class="wp-image-558863" srcset="https://captainaltcoin.com/wp-content/uploads/2024/09/image-519-1024x686.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/09/image-519-300x201.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/09/image-519-767x514.png 767w, https://captainaltcoin.com/wp-content/uploads/2024/09/image-519-1536x1029.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/09/image-519-2048x1372.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/09/image-519-224x150.png 224w, https://captainaltcoin.com/wp-content/uploads/2024/09/image-519-100x67.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/09/image-519-522x350.png 522w, https://captainaltcoin.com/wp-content/uploads/2024/09/image-519-788x527.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/09/image-519.png 1000w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>This downtrend is dynamic, meaning that its resistance and support levels will shift lower each week. The analyst points out that interestingly, this potential retest aligns with the green 21-week Bull Market EMA and the orange <a href="https://newhedge.io/terminal/bitcoin/pi-cycle-top-indicator" target="_blank" rel="noopener noreferrer nofollow">Pi Cycle MA,</a> both of which are situated around the same price region.</p>
<p>Thus, a short-term dip could serve as a confirmation of the end of the downtrend and the beginning of a <a href="https://captainaltcoin.com/heres-how-bitcoin-price-performed-in-q4-will-btc-smash-100k-soon/" target="_blank" rel="noopener noreferrer nofollow">new Bitcoin price uptrend.</a> Rekt Capital emphasizes that while this uptrend is likely to target the highs of the black downtrending channel at around $67,000, breaking this channel top is essential for Bitcoin to reach new all-time highs.</p>
<p>In conclusion, Rekt Capital remains optimistic about Bitcoin’s potential movement, indicating that the recent break of the intra-channel downtrend (light blue) is a positive sign for future <a href="https://www.coingecko.com/en/coins/bitcoin" target="_blank" rel="noopener noreferrer nofollow">BTC price action</a>. The focus now lies on Bitcoin’s ability to navigate this transition, which may involve some short-term fluctuations to solidify its upward trajectory.</p>
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<p>The post <a href="https://captainaltcoin.com/bitcoin-downtrend-is-finally-over-is-it-time-for-a-btc-price-breakout/" rel="noopener noreferrer nofollow">Bitcoin Downtrend Is Finally Over: Is It Time for a BTC Price Breakout?</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Bitcoin Downtrend Is Finally Over: Is It Time for a BTC Price Breakout?

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