Bitcoin is on the brink of entering a parabolic phase, according to a well-known trader. With a recent 13% increase in the past two weeks, Bitcoin’s imminent transition seems clearer than ever.
Pseudonymous analyst Rekt Capital shared with his YouTube audience of 89,500 subscribers that Bitcoin could soon surge significantly.
Bitcoin’s Transition into Parabolic Phase
Rekt Capital emphasized, “This is a crucial breakout moment for Bitcoin to transition into the parabolic phase of the cycle…
…so we have just a few days left for this transition between the re-accumulation phase and the parabolic phase of the cycle for us to actually see this breakout period.”
However, he mentioned the possibility of Bitcoin experiencing a slight decline before ascending.
“We still need to fully confirm this because technically, we could 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 breakout.”
The Road to Bitcoin’s Peak
Rekt Capital also discussed historical trends to predict Bitcoin’s parabolic phase peak.
“Whenever we break that old all-time high region, we spend 273 days after that breakout [after the 2012 halving]… 250 days [after the 2016 halving] before we finally peak in the bull market, 329 days in 2021.
So if we 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 when we can reasonably expect a bull market peak to occur in the future.”
At the time of writing, Bitcoin is trading around $63,650, showing promising signs for the future.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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