March Could Be “Breakout Month” For Bitcoin, Claims Crypto Analyst Rekt Capital

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Following the remarkable gain seen in January, Bitcoin (BTC) seems to be taking a breather for the month of February. This is a great omen since vertical rallies don’t usually last for an extended period of time.

Long-term investors may have the chance to add to their holdings if the market has a temporary decline of just a few percentage points, which might spook less confident investors, causing them to exit prematurely.

Bull Market Ahead!

The well-known cryptocurrency analyst Rekt Capital, in a recently uploaded video analysis on YouTube, said that in order to break the Macro Downtrend this month, Bitcoin would need to break past $26500.

However, as a result of the sloping structure of the downward trend, it will be simpler to reverse it the next month. According to Rekt, the price point of $24600 would be the mark that would signify the Macro Downtrend for the next month.

“If history repeats, there’s a chance February won’t be exciting for BTC. But March could be as Macro Downtrend would be tested. March could be the Macro Downtrend breakout month.”

—Rekt Capital

According to the expert, the Bitcoin bull market will pick up steam in the next month. The asset’s recent price drop may be attributed to short-term traders cashing out their gains in addition to the jobs report that was released three days ago.

The King Coin is testing the $22,800 to $22,700 strong support level. Because the 20-day exponential moving average is also placed in this zone, it is likely that the buyers will defend this zone with all of their available strength.

A rising 20-day exponential moving average (EMA) and a positive relative strength index (RSI) point to a favorable trading environment for bulls. If the token’s price recovers from its support area, the bulls will try to launch it to $25,000.