An analyst and trader who is widely respected believes that Bitcoin (BTC), the cryptocurrency, will soon enter a new phase of its market cycle.
Rekt Capital, a pseudonymous YouTube analyst, told his 91.200 subscribers in a video that Bitcoin was following the same path as previous bull runs. This included the long consolidation surrounding the halving.
Analysts say that when Bitcoin enters its “parabolic stage,” it could continue to surge for several months, without any significant corrections. This will happen until the market reaches its peak.
You can really see how this could be a very impressive run of months with no interruptions. We’ve had a great deal of upswing in 2017, but very little opportunity to get into the market on the dips. In 2020 and 2021 we saw a similar price rally, only to experience, many months later, a more significant pullback. We then experienced this distribution range before the market broke into stagflation.
This is the time for reaccumulation before the transition to the parabolic phase of the cycle which will be very, very soon. If we take a look at the chart above, it is 160 days after the halves that Bitcoin entered the parabolic cycle. This was 2020. We’re 180 days and more after the halves. It’s long overdue. It’s long past time. How much longer can we stay in this range before breaking out ?”?
Bitcoin has a current value of $67,808, up 2% over the past 24 hours.
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Sources of Images: Pixabay Creative Commons DALLE3
The post Bitcoin Moving into a New Parabolic Upside Move, according to Crypto Analyst could be updated as new information becomes available.
