Bearish Thesis for Bitcoin Nearly Invalidated As BTC Breaks $31,000, Says Crypto Analyst – Here’s Why

By The Daily Hodl October 24, 2023 In Bitcoin, Chainlink
Source: Rekt Capital/X

A widely followed crypto analyst says that if Bitcoin (BTC) convincingly breaks above a key level the king crypto would likely eliminate the risk of a macro bearish reversal.

Pseudonymous crypto trader Rekt Capital tells his 361,000 followers on the social media platform X that BTC needs to remain above $31,000 to invalidate a bearish thesis.

“A clean break of the $31,000 highs is the final step to fully invalidating the bearish Bitcoin fractal.”

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Source: Rekt Capital/X

Looking at the trader’s chart, he suggests that if Bitcoin stays above $31,000, BTC would ultimately invalidate an Elliott wave corrective pattern forming on the weekly chart.

However, the trader says if BTC fails to flip $31,000 into support, BTC could dip to the $27,000 range.

“At range high resistance after breaking its multi-month lower high.

Reclaim red as support and/or weekly close beyond would likely confirm a breakout beyond the range high.

Until then, there is scope for a pullback into the high ~$27,000 for a retest.”

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Source: Rekt Capital/X

Bitcoin is trading for $31,146 at time of writing.

The trader also weighs in on Chainlink (LINK) now that the decentralized oracle service has abruptly exploded past $10. He says LINK is at the beginning of a larger uptrend.

“When an old macro downtrend ends…

A new macro uptrend begins.”

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Source: Rekt Capital/X

Chainlink is trading for $10.04 at time of writing.

Generated Image: Midjourney

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