After the first surge in 2023, Bitcoin is about to confirm a bull market.

After gaining this week, Bitcoin is about to confirm a bull market.

However, it can take many months to break significant bear market trend lines, so it’s not impossible for prices to fall before that.

A well-known cryptocurrency analyst has updated their prediction for Bitcoin (BTC), claiming that after surging this week, Bitcoin is about to confirm a bull market.

Following this week’s surge, the anonymous cryptocurrency trader Rekt Capital reports that Bitcoin is about to confirm a new bull market.

They do not, however, rule out a price decline before that because it might take several months to break significant bear market trend lines.

The bear market may be coming to a close, and a new bull market may be starting. New lows are still possible during this time and they cannot be completely ruled out just yet. But it’s wonderful to see that the darkness has finally given way to light.

The trader also examines the Relative Strength Index (RSI), a momentum indicator for assets, to see whether the dominant cryptocurrency is displaying bullishness. The RSI must go into the last bear market’s RSI bottom zone, according to the analyst, to confirm the upward trend.

The expert explains that the Monthly BTC RSI also departs from its decline channel. The previous bear market bottom region (green) has to be recovered by BTC RSI as support in order to confirm the bullish trend; in the meanwhile, it can theoretically operate as resistance until it is.

Another market indicator, according to Rekt Capital, is if Bitcoin will surpass the psychological price barrier of $20,000, which acted as support for the majority of last year. They assert that during the present surge, $20,000 may act as a barrier.

BTC is steadily getting closer to the psychological threshold of $20,000. For much of 2022, $20,000 served as multi-month support; however, it may shortly serve as resistance. BTC’s macroeconomic range for the month is between $13,900 and $19,500. (blue-blue).