Bitcoin Officially Enters a Macro Uptrend Ahead of the “Halving Event” Next Year, but the US Government’s 41,500 BTC Stash Remains a Major Threat
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As we noted in a post that was published toward the end of last year, Bitcoin has officially bottomed in the first quarter of 2023 and has now entered a macro uptrend. However, the US government’s scheduled liquidation of 41,500 Bitcoins is expected to continue to act as a sentiment dampener even as the excitement around the upcoming halving event grows.
#BTC has broken the Macro Downtrend
History has shown that when Macro Downtrends are broken...
Macro Uptrends begin$BTC #Crypto #Bitcoin pic.twitter.com/iYvLARGSeu
— Rekt Capital (@rektcapital) April 1, 2023
Bitcoin closed the month of March above the crucial $25,000 price level. This means that the world’s premier cryptocurrency has broken its macro downtrend and entered a major uptrend, as per the tabulations by Rekt Capital.
#BTC has officially confirmed its Quarterly Bullish Engulfing Candle
The last time $BTC formed a Quarterly Bullish Engulfing Candle was in early 2020#Crypto #Bitcoin pic.twitter.com/nmhm6GA3ZW
— Rekt Capital (@rektcapital) April 1, 2023
Not only that, but Bitcoin also formed a bullish quarterly engulfing candle, which has historically preceded rip-roaring gains.
#BTC has repeated history with a Macro Downtrend breakout around 365 to 397 days before the Halving
In this cycle, $BTC broke out ~385 days before the Halving
History has repeated itself#Crypto #Bitcoin pic.twitter.com/GmMrCw8AKx
— Rekt Capital (@rektcapital) April 1, 2023
Moreover, with just around a year to go until Bitcoin’s halving event, when the reward for mining a block will be cut in half from 6.25 BTC to just 3.125 BTC, the world’s biggest cryptocurrency by
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