A crypto strategist who accurately called Bitcoin’s pre-halving pullback thinks BTC is gearing up to transition to the parabolic phase of the cycle.
Pseudonymous analyst Rekt Capital tells his 84,600 YouTube subscribers that Bitcoin may be a few weeks away from witnessing the return of bullish price action based on historical data.
“So this so-called boring zone is essentially the post-halving re-accumulation area. We tend to see that after the halving in every single cycle where we just move sideways for an extended period of time.
In 2020, this was 160 days of sideways price action. In 2016, it was 150 days, and so if 150 or 160 [days] were to translate to [the current] boring zone, this re-accumulation phase, then the breakout should take us into late September or early October of this year…
This re-accumulation phase, this so-to-speak boring zone, is supposed to gear us up and prepare us for the banana zone, which is essentially the parabolic phase of the market cycle.”
According to the trader, the range-bound price action of BTC over the last few months is necessary as it allows Bitcoin to build a base before surging to new all-time highs.
“We always see re-accumulation after the halving but this enables parabolic price action to new all-time highs and beyond, searching for new all-time highs, price discovery, price trying to new and new heights in the market cycle before eventually peaking in its bull market.”
At time of writing, Bitcoin is trading for $59,301, down over 5% in 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: DALLE3
Read the full article here
Follow us on Google News to get the latest Updates
