An analyst who nailed Bitcoin’s pre-halving correction this year says BTC may have entered a market cycle phase where steep rallies are in sight.
The analyst pseudonymously known as Rekt Capital tells his 100,000 YouTube subscribers that the act of Bitcoin breaking above the resistance zone that formed around the 2021 cycle high of just below the $70,000 price is “essentially the very first signal to kickstarting the parabolic phase.”
“We see the analogous level like this across cycles. In 2020 and 2021 this was the level: $19,000, roughly speaking $20,000. That was the old all-time high resistance.
Here in this cycle, the analogous level was $69,000. And in the previous cycle of 2017 it was of course a little bit lower than that – $1,200 approximately speaking.
And so in each of these cycles breaking the old all-time high major resistance, that first monthly candle is the very early sign of that parabolic phase of the cycle beginning.”
According to the pseudonymous analyst, Bitcoin could experience several months of upside based on historical precedent.
“We’ve seen in the past that we can see quite a few monthly candles produced in the coming months. So in this cycle over here [2017] it was… nine months worth of upside.
In this cycle in 2020/2021… we saw nine months of upside…
So if we’re talking about nine months of upside, 12 months of upside this is month one [November of 2024] out of a possible nine at the least or a possible 12 at most.”
On when Bitcoin could hit the cycle peak, Rekt Capital says,
“We’re going to see this parabolic upside take place deep into 2025. And then we’re going to have to consider a bear market coming after 2025, the majority of which is going to play out in 2026.”
Bitcoin is trading at $96,718 at time of writing.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Follow us on X, Facebook and Telegram
Generated Image: Midjourney
Read the full article here
