dailyhodl.com
A closely followed analyst who correctly called Bitcoin’s pullback earlier this year says BTC may soon enter the explosive phase of the market cycle.
In a video update, pseudonymous analyst Rekt Capital tells his 91,000 YouTube subscribers that Bitcoin may break through the upper bound of a trading range within weeks and print new all-time highs (ATHs).
“We’re retesting this [$60,000 level] for a few weeks in a row and we’re trying to position for a move towards the highs [of around $71,000] here.
And of course, we have a series of lower highs to contend with, but once we break those series of lower highs, and there’s a good chance we’ll do that in the next few weeks, then we’ll actually revisit this all-important resistance [at the low $70,000s] for a challenge to finally transition away from the re-accumulation phase and into the parabolic phase of the cycle.”
The analyst also suggests that based on prior cycles, Bitcoin may reach its cycle top sometime around March 2025, 330 days after the April 2024 halving event, when miners’ rewards were cut in half.
“250 days after we break old all-time highs, well that’s going to be the earliest moment to be considering exiting the market, and at most 330 days after the halving is when that moment should probably come.
So we’ll have an 80-day period where it’s going to be really risky to be holding digital assets as a whole, but that’s a story for another day because we haven’t even broken old all-time highs, but that’s just a matter of time.”
Bitcoin is trading for $65,906 at time of writing, up 5.41% in the last 24 hours.
Generated Image: Midjourney