A widely followed cryptocurrency analyst and trader believes that Bitcoin’s (BTC) transition into an explosive part of the market cycle is near.
In a video update, pseudonymous analyst Rekt Capital says tells Its 91,200 YouTube subscribers know that Bitcoin is following a similar path to previous bull runs, including the extended consolidation around the halving.
“We’ve seen retracement, we’ve seen consolidation, and everything in between, and it’s slowly becoming time for price to essentially transition into the next phase of the cycle, which is essentially parabolic price action to the upside.”
The analyst says that once Bitcoin enters the ‘parabolic phase’, the flagship crypto asset could continue to rise for months without significant corrections until it reaches a market cycle peak.
“You can see that this could actually be a pretty impressive few months of continuous upside. In 2017 we have seen many positives, with very few moments to join the rally during dips. And very similar in 2020 and 2021, where we just saw price action rise to new all-time highs and only then, after many months, experience a deeper pullback, and then experience this kind of distribution range here before we got into the bear market…
“This is really the best time to re-accumulate before we finally move into the parabolic phase of the cycle, which is coming really quickly. Because if we look at this chart, Bitcoin broke out into the parabolic phase of the cycle 160 days after the halving. That was in 2020. And we are already more than 180 days after the halving. So it’s too late. This breakthrough into the parabolic phase of the cycle is long overdue. And how much time can we consolidate within this range without breaking out?”
Bitcoin is trading at $67,808 at the time of writing, up more than 2% in the past 24 hours.
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