{"id":179723,"date":"2023-10-24T03:06:14","date_gmt":"2023-10-23T21:36:14","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=179723"},"modified":"2023-10-24T03:06:14","modified_gmt":"2023-10-23T21:36:14","slug":"bearish-thesis-for-bitcoin-nearly-invalidated-as-btc-breaks-31000-says-crypto-analyst-heres-why-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bearish-thesis-for-bitcoin-nearly-invalidated-as-btc-breaks-31000-says-crypto-analyst-heres-why-crypto-news\/","title":{"rendered":"Bearish Thesis for Bitcoin Nearly Invalidated As BTC Breaks $31,000, Says Crypto Analyst \u2013 Here\u2019s Why – Crypto News"},"content":{"rendered":"

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

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

\u201cA clean break of the $31,000 highs is the final step to fully invalidating the bearish Bitcoin fractal.\u201d<\/em><\/p>\n

Source: Rekt Capital\/X<\/figcaption><\/figure>\n

Looking at the trader\u2019s chart, he suggests that if Bitcoin stays above $31,000, BTC would ultimately invalidate an Elliott wave corrective pattern forming on the weekly chart.<\/p>\n

However, the trader says<\/a> if BTC fails to flip $31,000 into support, BTC could dip to the $27,000 range.<\/p>\n

\u201cAt range high resistance after breaking its multi-month lower high. <\/em><\/p>\n

Reclaim red as support and\/or weekly close beyond would likely confirm a breakout beyond the range high. <\/em><\/p>\n

Until then, there is scope for a pullback into the high ~$27,000 for a retest.\u201d<\/em><\/p>\n

\"Image\"
Source: Rekt Capital\/X<\/figcaption><\/figure>\n

Bitcoin is trading for $31,146 at time of writing.<\/p>\n

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

\u201cWhen an old macro downtrend ends\u2026 <\/em><\/p>\n

A new macro uptrend begins.\u201d<\/em><\/p>\n

\"Image\"
Source: Rekt Capital\/X<\/figcaption><\/figure>\n

Chainlink is trading for $10.04 at time of writing.<\/p>\n

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.<\/h6>\n<\/div>\n

Generated Image: Midjourney<\/em><\/span><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":2,"featured_media":179724,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-179723","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/179723","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=179723"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/179723\/revisions"}],"predecessor-version":[{"id":179726,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/179723\/revisions\/179726"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/179724"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=179723"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=179723"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=179723"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}