A widely followed cryptocurrency analyst and trader believes that Bitcoin’s (BTC) transition into an explosive part of the market cycle is near.
In a video update, pseudonymous analyst Rekt Capital tells his 91,200 YouTube subscribers that Bitcoin is following a similar path to previous bull runs, including the lengthy consolidation around the halving.
“We’ve seen retracement, we’ve seen consolidation, everything in between, and it’s slowly becoming time for price to essentially transition into its next phase of the cycle, which is essentially parabolic price action towards the upside.”
The analyst says that once Bitcoin enters the “parabolic phase,” the flagship crypto asset may keep surging for months without significant corrections until it reaches a market cycle peak.
“You can see that this can be quite an impressive few months of uninterrupted upside really. In 2017 we’ve seen a lot of upside with very few moments for getting in on the rally on dips. And very similar in 2020 and 2021, where we just saw price action rally to new all-time highs and only then, after many months, experience a deeper pullback, and then experience this sort of distribution range here before we broke down into the bear market…
“This is really the best time to be reaccumulating before we finally transition into the parabolic phase of the cycle, which is really, really coming soon. Because if we look at this chart, 160 days after the halving is where Bitcoin broke out into the parabolic phase of the cycle. That was in 2020. And we’re already 180-plus days after the halving. So it’s overdue. This breakout into the parabolic phase of the cycle is long overdue. And how much more time can we consolidate inside this range without breaking out?”
Bitcoin is trading for $67,808 at time of writing, up more than 2% in the last 24 hours.
Follow us on X, Facebook and Telegram
Generated Image: DALLE3
Read the full article here
