Bitcoin is on the verge of entering the parabolic phase of the market cycle, according to a well-known crypto analyst. Rekt Capital, a pseudonymous trader, believes that the leading cryptocurrency is just one weekly close away from experiencing a parabolic surge. However, the analyst cautions that this breakout may still be a few weeks away, based on historical patterns.
Rekt Capital also predicts that Bitcoin could reach its cycle peak sometime between mid-September and mid-October of next year. Drawing comparisons to previous market cycles, the analyst notes that Bitcoin peaked around 518-546 days after the halving event in the past. If this trend continues, Bitcoin could hit its peak during the mentioned period in 2025.
The analyst further explains that Bitcoin’s current consolidation phase within the $60,000 to $70,000 price range has slowed down the acceleration of this cycle by approximately 80 days. By staying within this range for over two months, Bitcoin has reduced the cycle’s acceleration from 260 days to around 180 days.
As of now, Bitcoin is trading at $68,571, marking a 2.1% increase in the last 24 hours.
Please note that the opinions expressed in this article are not investment advice, and investors should conduct their own research before making any high-risk investments in Bitcoin or other cryptocurrencies.
