The crypto markets were bullish in the first few days of 2023 which soon waned as the bears regained their strength. The Bitcoin price failed to surpass $17000 levels yet again due to which these levels have now turned into a pivotal resistance to be cleared. The major altcoins also swelled significantly but presently underwent a minor pullback and are consolidating around their respective support levels.
While the crypto-verse is expecting a sigh of relief in the coming days of 2023, a popular analyst, Rekt Capital believes the worse is still yet to come.
The analyst tells his 331.7K followers that the investors’ patience could be tested this year while some may also become disinterested in the crypto space. This could happen either the markets remain stagnant for quite a long time, else the possibility of a healthy upswing is squashed over a period of time.
The analyst refers to the ‘macro triangles’ on the historical chart of Bitcoin with the price movements since 2014. According to the analyst, the star crypto is on the edge of a trend reversal that indicates the BTC price to rebound soon.
“According to the BTC Three Macro Triangles:
BTC trades between -50% to -65% upon the triangle breakdown
So far, BTC is down -50% from the triangle breakdown
BTC has entered that historical range.”
The analyst also refers to the BTC dominance chart and says that it is rising faster than the other altcoins who are losing value as the BTC price surges.
“Initial signs that BTC Dominance is successfully retesting the blue level as support. Altcoins are currently experiencing some pullbacks These Altcoins pullbacks will continue, especially if BTC Dominance starts to increase from here via the orange pathway,”