A cryptocurrency analyst and trader is saying that Bitcoin (BTC) is on the cusp of turning bullish.
The analyst pseudonymously known as Rekt Capital tells his 84,700 YouTube subscribers that Bitcoin is in a re-accumulation phase and is “getting really close to entering the parabolic phase of the cycle.”
According to the pseudonymous analyst, Bitcoin is weeks away from breaking out above the current record high of around $73,800 based on historical precedent.
“214 days after the halving is typically when we are already breaking out into a new micro uptrend because… 214 days after halving we should be already on our way to new highs… technically we are over two months away from breaking out to new all-time highs and really enjoying that price discovery.”
The pseudonymous analyst says that based on history, the bull market peak for this cycle could occur around September 2025.
“If you think about how long it takes for Bitcoin to Rally to new all-time highs and to that ultimate bull market peak after the halving, it takes 546 days or 518 days… for example, in 2020 and 2021 it took 546 days after halving to bull market peak.
And in this cycle of 2016-2017, that took 518 days after the halving. So it just showcases to us that it takes 518-546 days after the halving to rally to a bull market peak.”
Bitcoin is trading at $59,984 at time of writing.
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The post Bitcoin on Cusp of Entering Parabolic Phase if History Repeats Itself, Says Crypto Analyst – Here’s the Timeline appeared first on The Daily Hodl.
