Crypto Analyst Updates Outlook on Bitcoin (BTC), Shows Path for Polkadot (DOT) To Continue Up

A widely followed crypto analyst is giving traders an update on crypto king Bitcoin (BTC) and taking a look at Polkadot (DOT).

Pseudonymous crypto trader Rekt Capital tells his 394,700 followers on the social media platform X that February has brought BTC a new rejection from resistance.

“New month

New rejection from the macro diagonal resistance.”

Source: Rekt Capital/X

The macro diagonal resistance is represented as a line on the graph, indicating a value zone that BTC is struggling to pass.

Next, Rekt Capital looks at BTC’s relative strength index (RSI), a momentum oscillator measuring the speed and change of asset price movements.

“Bitcoin was able to revisit its red range high resistance (~$43,800) but has since rejected to form a lower high (black)

In the meantime, the RSI is still at its downtrend resistance

The RSI needs to break this downtrend if price is to move higher.”

Source: Rekt Capital/X

According to the analyst, BTC’s current cycle has been a “story of re-accumulation ranges” as the flagship digital asset approaches its next halving.

Source: Rekt Capital/X

Bitcoin’s halving is a scheduled event that occurs every four years when the rewards for mining and verifying new blocks is reduced by half. The next one is slated for April.

BTC is worth $42,560 at time of writing, up 6.5% in the last week.

In a new edition of the trader’s Altcoin Newsletter, Rekt Capital also says that interoperability blockchain Polkadot has successfully rebounded to kick off the new year.

“DOT has rebounded +12% to the upside and looks set to monthly close above the top of the green support area.

A monthly close above the top of the green area would enable DOT to continue to follow the blue path so as to revisit the black highs above.”

Source: Rekt Capital/Altcoin Newsletter

DOT is worth $6.75 at time of writing, up 6% in the last seven days.

Generated Image: Midjourney

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