An analyst and trader is leaning bullish on Bitcoin (BTC) amid a 13% gain by the flagship crypto asset in two weeks.
The analyst pseudonymously known as Rekt Capital tells his 89,500 YouTube subscribers that Bitcoin is on the cusp of surging higher.
“This really is the current breakout moment for Bitcoin to really start transitioning into the parabolic phase of the cycle…
…so we have a handful of days left for this transition between the re-accumulation phase and the parabolic phase of the cycle for us to actually effectively transition into that breakout period.”
The pseudonymous analyst says, however, that Bitcoin could fall by single-digit percentage points before the breakout.
“We still need to fully confirm that because technically we could still see some dipping into $60,600 just to retest the re-accumulation range low into new support. But that’s exactly what would be needed to see price expand across the range to finally revisit the re-accumulation range high [around $73,800] for a potential break out.”
Source: Rekt Capital/YouTube
According to Rekt Capital, Bitcoin’s parabolic phase is likely to peak starting in the second half of 2025 if history repeats itself.
“Whenever we break that old all-time high region, we spend 273 days after that breakout [after the 2012 halving]… 250 days [after 2016 halving] before we finally peak in the ball market, 329 days in 2021.
So if we are really to pay attention to the old all-time high region right now and we break it to enter the parabolic phase of the cycle, 250 to 329 days after that moment is where we can reasonably expect a bull market peak to occur in the future.”
Source: Rekt Capital/YouTube
Bitcoin is trading at $63,650 at time of writing.
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