A trader and analyst is taking a bullish stance on Bitcoin (BTC), especially after the leading cryptocurrency has registered a 13% increase over the past two weeks.
Operating under the pseudonym Rekt Capital, this analyst shares insights with his 89,500 YouTube followers, suggesting that Bitcoin is on the verge of a significant upward movement. He notes, “This is truly the pivotal breakout moment for Bitcoin, marking the start of its transition into the parabolic phase of the cycle. We only have a few days left for this shift from the re-accumulation phase to the breakout period.”
However, Rekt Capital cautions that Bitcoin may experience a slight decline before this breakout occurs. “We still need to validate this fully, as there is a possibility of a drop into the $60,600 range to retest the low of the re-accumulation phase as new support. That retest would be essential for the price to expand across the range and eventually revisit the re-accumulation high of around $73,800 for a potential breakout.”
Source: Rekt Capital/YouTube
Rekt Capital further speculates that Bitcoin’s parabolic phase could reach its peak in the latter half of 2025, following historical trends. “Whenever we surpass the previous all-time high, we typically see a period of 273 days post-breakout following the 2012 halving, 250 days after the 2016 halving, and 329 days in 2021. If we are attentive to the old all-time high region and break through it, we can reasonably expect a bull market peak to happen between 250 and 329 days afterward.”
Source: Rekt Capital/YouTube
As of now, Bitcoin is trading at $63,650.
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Disclaimer: The views expressed in The Daily Hodl are not to be considered investment advice. Investors should conduct their own research before engaging in high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please be aware that any transactions and trades you undertake are at your own risk, and you are responsible for any losses incurred. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it serve as an investment advisory service. Note that The Daily Hodl participates in affiliate marketing.
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