Crypto Analyst Says Bear Market Is in the Rearview, Updates Outlook on Bitcoin (BTC) and Uniswap (UNI)
A widely followed crypto analyst says is updating his bull market outlook, starting with Bitcoin (BTC).
Pseudonymous crypto trader Rekt Capital tells their 382,300 followers on the social media platform X that with the bear market behind BTC, a full bull market lies ahead.
“There’s an entire BTC Bear Market behind us
And an entire BTC Bull Market ahead of us.”
Looking at the top crypto by market cap Bitcoin, down 1.6% in the last 24 hours, the analyst says the pullback should give way to an upside soon.
“Bitcoin Daily Candle Closed above the top of the pattern and indeed pulled back for a very volatile retest
BTC is still maintaining itself above the top of the structure
For as long as this continues, there will be scope for renewed upside from here.”
BTC is worth $43,600 at time of writing, up 1% in the last week.
Looking at the decentralized exchange Uniswap (UNI) in his Altcoin Newsletter, the trader says UNI’s long-term uptrend has been confirmed.
“UNI retested the top of the blue channel even though it Monthly Closed above the black level.
But the macro picture is promising because UNI has completely confirmed its breakout from the blue market structure.
In other words, UNI has fully confirmed its new macro uptrend.
It has done this via a Monthly Close above the blue Channel Top and a successful retest of the Channel Top as new support.
If December was the breakout month for UNI, January will be the retesting month for UNI as a result.
That’s the major technical event for UNI but let’s focus on another one as well.
UNI is also holding the black $6.53 level which acted as a point of rejection in mid-2023 and early 2023 as well.
Holding here as support would notably change the market psychology at this level.
Long-term, the macro uptrend has been confirmed.”
UNI is trading for $6.32 at time of writing, down 5% in the last day.
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Featured Image: Shutterstock/Tithi Luadthong
The post Crypto Analyst Says Bear Market Is in the Rearview, Updates Outlook on Bitcoin (BTC) and Uniswap (UNI) appeared first on The Daily Hodl.
