A popular crypto analyst thinks Bitcoin (BTC) could be about to explode. This analyst, known as Rekt Capital, believes historical patterns suggest a big jump in price is coming soon.
Bitcoin’s Halving Cycle
Rekt Capital points out that Bitcoin’s price has historically broken out from its trading range about 154-161 days after its “halving.” This halving is an event that cuts the rate at which new Bitcoins are created in half. It’s been 157 days since the last halving, so Rekt Capital thinks we’re due for a breakout.
Parabolic Upside Phase
The analyst also believes Bitcoin is entering its “Parabolic Upside phase,” meaning a rapid and significant price increase. This phase is typically part of the Bitcoin cycle, which is only about 44.8% complete according to Rekt Capital.
Breaking the Downtrend
Rekt Capital notes that Bitcoin has recently broken through a resistance level, indicating a potential shift in momentum. He believes a pullback to around $61,300 could be possible before the price continues its upward climb.
Bitcoin’s Current Price
At the time of writing, Bitcoin is trading at $64,539, up nearly 2% in the last 24 hours.
Important Note: This information is not financial advice. Always do your own research before investing in cryptocurrencies.
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