In a new twist that has left the cryptocurrency community in suspense, the respected cryptocurrency analyst Rekt Capital posted an engaging analysis on the X platform. According to Rekt Capital, Bitcoin Cash has broken out to a monumental milestone.
In the past, BCH teased the likelihood of the overcoming of an important macro downtrend with upside wicks that represented hope of a breakthrough from this long-lasting boundary. However, such cases were nice to notice but faded away without any break of the trend line, leaving followers and enthusiasts in an expecting condition.
Bitcoin Cash Historic Leap Beyond The Downtrend
The main point of the Rekt Capital’s analysis is an especially promising development for Bitcoin Cash. The analyst notes that the crypto is not only rechallenging the macro downtrend but is at the doorstep of a historical event that will be written about in the books of the cryptocurrency. Bitcoin Cash has the first strong possibility to close its monthly candle above the macro downtrend line.
This possible transfer is not only a technical success; it is a great milestone in BCH. The break of the macro downtrend line would be a bullish turn for the cryptocurrency and would attract new investments, which in rather will increase its valuation. This kind of scenario would to Bitcoin Cash’s strength and flexibility in a market that is as volatile as it is unpredictable.
BCH has lost 1.65% over the last 24 hours and now trading at $606.23. Although this is a temporary decrease, the coin surged by 28.80% over the last week. During the last 24 hours, its trading volume amounted to $864,781,959.
The speculation on the consequences of such a step for Bitcoin Cash has caused the anticipation among the cryptocurrency community. In addition a monthly candle close above the macro downtrend would confirm the bullishness of the long-term believers and change the minds of the skeptics on Bitcoin Cash.
While the crypto market eagerly looks on, the potential history-making role of Bitcoin Cash highlights the dynamic and ever-changing nature of cryptocurrencies. Day by day, the crypto industry continues to amaze and defy expectations, and Bitcoin Cash trajectory is a fine example of the relentless pursuit of progress and invention in crypto sphere.