A widely followed crypto analyst says that Bitcoin (BTC) is on the cusp of entering the parabolic phase of the market cycle.
In a new strategy session, pseudonymous crypto trader Rekt Capital tells his 474,000 followers on the social media platform X that it appears as if the crypto king is one weekly close away from going parabolic.
However, the analyst notes that most likely, it won’t be weeks until the top crypto asset by market cap makes large moves to the upside.
“Bitcoin rejects from the range high of its current reaccumulation range. It’s clear that BTC is only one weekly close above the range high away from entering the parabolic phase of the cycle. But history suggests this historic breakout is still several weeks away.”
The trader goes on to note that BTC could reach its cycle peak sometime between mid-September and mid-October of next year.
“In the 2015-2017 cycle, Bitcoin peaked 518 days after the halving. In the 2019-2021 cycle, Bitcoin peaked 546 days after the halving. If history repeats and the next bull market peak occurs 518-546 days after the halving, that would mean Bitcoin could peak in this cycle in mid-September or mid-October 2025.
Currently, Bitcoin is accelerating in this cycle by approximately 180 days. So the longer Bitcoin consolidates after the halving, the better it will be for resynchronizing this current cycle with the traditional halving cycle.”
Rekt Capital concludes his analysis by saying that since BTC has been consolidating within the $60,000 to $70,000 price level over the last two months, it has reduced this cycle’s acceleration by about 80 days.
“In March 2024, Bitcoin reached new all-time highs to confirm an acceleration in the current cycle by 260 days compared to traditional halving cycles However, Bitcoin has now been consolidating between ~$60,000-$70,000 for over two months now. This has reduced the current cycle acceleration from 260 days to ~180 days.”
Bitcoin is trading for $68,571 at time of writing, a 2.1% increase during the last 24 hours.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Follow us on X, Facebook and Telegram
Generated Image: DreamStudio
Read the full article here
Follow us on Google News to get the latest Updates
