A widely followed crypto analyst and trader believes Bitcoin (BTC) is close to entering the explosive part of the market cycle.
In a video update, pseudonymous analyst Recto Capital told his 91,200 YouTube subscribers that Bitcoin is following a similar path to previous bull markets, including a long period of consolidation around the halving. He said he is following it.
“We’ve seen retracements, consolidation, everything in between, and we’re getting closer and closer to the point where price basically moves into the next phase of the cycle, essentially a parabola to the upside. price action.”
Source: Rekt Capital/YouTube
The analyst said that once Bitcoin enters a “parabolic phase,” the flagship cryptocurrency could continue to soar for months without a significant correction until it reaches the peak of the market cycle. There is.
“This could mean a really impressive few months of uninterrupted upswings. 2017 has seen a lot of upswings, but there are very few moments where they turn upwards. And it was very similar in 2020 and 2021, where we just saw price movements hit new all-time highs, only to then experience an even deeper pullback a few months later and enter a bear market. I have experienced the distribution range of this species before on the market.
“Right now is really the best time to reaccumulate before we finally move into the parabolic phase of the cycle, and it’s really coming soon, because if you look at this chart, Bitcoin 160 days after the halving It’s 2020, and we’re already over 180 days from the halving, so it’s already too late to break out into the parabolic phase of the cycle. has been a long time coming. And how long can we stay in this range without breaking out?”
Source: Rekt Capital/YouTube
At the time of writing, Bitcoin was trading at $67,808, up more than 2% in the past 24 hours.
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