A prominent analyst says Bitcoin (BTC) has maintained its bullish momentum despite the recent price drop.

The strategist, nicknamed Rekt Capital, told his 292,000 Twitter followers that bulls’ inability to sustain BTC above $43,000 has enabled the leading cryptocurrency to retest its support line within the weekly timeframe.

“The last time BTC closed below $43,100 weekly, the price retested the $38,000 region. For now, BTC could position itself for a similar price action.”

BTC/USDT weekly chart | Source: Rekt Capital/Twitter

Bitcoin is changing hands at $39,260 at press time, down 13% from its seven-day high of $44,790.

The analyst says that Bitcoin is currently trading in a symmetrical triangle, which will eventually lead to severe volatility as the price hits the tightest point of the pattern.

“If BTC closes below weekly [$ 40.700]then we can see the consolidation continue to the top [tam giác]. In this case, this would lead to price compression ahead of the big swings.”

BTC/USDT weekly chart | Source: Rekt Capital/Twitter

Rekt Capital also says Bitcoin could continue to rise as long as it stays above a key zone.

“BTC could fall as low as $38,000 while maintaining a bullish outlook going forward.”

You can see the BTC price here.

Join Bitcoin Magazine Telegram to follow news and comment on this article: https://t.me/coincunews

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions

SN_Nour

According to Dailyhodl

Follow the Youtube Channel | Subscribe to the Telegram channel | Follow the Facebook page