dailyhodl.com
A widely followed crypto analyst believes Bitcoin ($BTC) may be just days away from an explosive rally based on historic precedence.
Pseudonymous crypto trader Rekt Capital tells his 475,500 followers on the social media platform X that Bitcoin could soon enter a phase of the market cycle that in 2020 and 2021 saw massive gains.
“Bitcoin is on the cusp of a historic breakout.”
The analyst says if Bitcoin confirms a breakout into the historic “parabolic phase” of the cycle, it will have come earlier than in past cycles.
“Bitcoin could soon make history. Not just because a breakout from this re-accumulation range would enable price to enter the parabolic phase of the cycle. But also because it would be the fastest post-halving re-accumulation breakout of all time.”
The analyst also believes a parabolic Bitcoin would send altcoins soaring as a result of increased market liquidity.
“A $BTC breakout would inject necessary capital into the entire crypto market, fueling a Q2 altcoin hype cycle.”
Bitcoin is trading for $69,208 at time of writing, down more than 1% in the last 24 hours.
The analyst also weighs in on dogwifhat ($WIF). He warns if $WIF fails to hold a key trendline as support, it could signal the end of the memecoin’s bullish trend.
“This technical uptrend has supported price since early March and is the most important trendline for $WIF at this time; this diagonal needs to continue holding to ensure the technical uptrend remains intact. This trendline has been revisited every time $WIF has either failed to break the blue level [at $3.04] as resistance or most recently, when $WIF failed to retest the blue level as support.”
$WIF is trading for $2.93 at time of writing, down 9.27% in the last 24 hours.
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