Crypto Analyst Offers Update on Bitcoin (BTC), Says Chainlink (LINK) Has Broken Through a Downtrend

A widely followed crypto analyst is updating his outlook on Bitcoin (BTC) while looking ahead for Chainlink (LINK).

Pseudonymous crypto trader Rekt Capital tells his 354,500 followers on the social media platform X that he’s looking for BTC to form a lower high in the coming weeks.

“BTC 

At this same point in the cycle in 2019, BTC formed a Lower High

If BTC forms a Lower High in the coming weeks, that would be further confirmation for a potential Higher Low revisit later in this cycle.”

According to the analyst, BTC is currently sitting on the bull market support band.

“BTC is right back at the Bull Market Support Band cluster of moving averages, challenging to breakout beyond them.”

The analyst also shares a chart that he calls an “update” on the bearish Bitcoin fractal that is potentially forming.

“BTC 

Bearish Bitcoin Fractal update.”

BTC is worth $26,409 at time of writing, down 2.3% in the last seven days.

Looking at blockchain oracle Chainlink, Rekt Capital says LINK has recently broken through a downtrend, implying there could be room to move upward.

“LINK 

Chainlink has broken the Macro Downtrend.”

LINK is trading for $7.70 at time of writing, up 11.6% in the last seven days.

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Featured Image: Shutterstock/Andy Chipus/prodigital art/Salamahin