Consolidation Phase
Bitcoin has been consolidating recently, according to analyst Rekt Capital. This is similar to what happened before previous “Halvings” (when the supply of new Bitcoins is halved).
“Parabolic Upside”
Rekt Capital believes Bitcoin is preparing for a “parabolic upside,” a period of rapid price increase. He points to the fact that Bitcoin has already gone through five re-accumulation ranges this cycle, similar to the last cycle before its all-time high.
Analyst Mikybull agrees, saying that Bitcoin’s “parabolic rally is loading.” He believes that the re-accumulation breakout will be “explosive” and that many are not prepared for it.
Crucial Breakout Level
Analyst Bluntz has identified $67,000 as a crucial breakout level for Bitcoin. He believes that once Bitcoin clears this level, the market will rally above its previous all-time high.
Current Price
As of this writing, Bitcoin is trading at $66,665, up 7.5% from a week ago and 66.22% in the last three months.
