Bitcoin's Crucial $31,000 Breakout and Chainlink's Promising Uptrend: Insights from Rekt Capital. đđ
- A well-known crypto analyst, Rekt Capital, suggests that Bitcoin (BTC) could eliminate the risk of a bearish reversal if it convincingly breaks above $31,000.
- Rekt Capital emphasizes the importance of BTC staying above $31,000 to invalidate a bearish thesis.
- He indicates that a clean break above $31,000 is the final step to fully invalidate a bearish Bitcoin fractal.
- The analyst's chart suggests that if Bitcoin maintains its position above $31,000, it would likely invalidate an Elliott wave corrective pattern on the weekly chart.
- However, Rekt Capital warns that if BTC fails to turn $31,000 into support, there is a potential for a dip to the $27,000 range.
- Chainlink (LINK) is also discussed, with the analyst stating that LINK is at the beginning of a larger uptrend as it surpasses $10.
At the time of writing:
- Bitcoin is trading for $33,175.
- Chainlink (LINK) is trading for $10.60.
