A well-known analyst who accurately predicted Bitcoin’s previous pullback earlier this year is now forecasting that the cryptocurrency may soon enter a highly explosive phase in the market cycle. In a recent video update, the pseudonymous analyst Rekt Capital shared his insights with his substantial following of 91,000 subscribers on YouTube. He believes that Bitcoin could potentially break through the upper boundary of its current trading range in the coming weeks, paving the way for new all-time highs (ATHs).
According to Rekt Capital, Bitcoin has been testing the $60,000 level consistently for several weeks, indicating a potential move towards the highs of around $71,000. He notes that while there are still lower highs to contend with, the cryptocurrency may soon break through these levels, possibly within the next few weeks. This breakthrough could lead to a challenge of the all-important resistance in the low $70,000s, marking a transition from the re-accumulation phase to the parabolic phase of the market cycle.
Drawing on past market cycles, the analyst suggests that Bitcoin could reach its cycle peak around March 2025, approximately 330 days after the halving event in April 2024. He highlights that 250 days after surpassing the previous ATH, investors should consider the possibility of exiting the market, with the latest exit point being around 330 days after the halving. This timeframe indicates an 80-day period where holding digital assets could become increasingly risky, emphasizing the importance of monitoring market conditions closely.
As of the time of writing, Bitcoin is trading at $65,906, reflecting a 5.41% increase over the past 24 hours. With the cryptocurrency market showing signs of strength and potential for further growth, investors are advised to stay updated on market developments and price action. For real-time alerts and updates, subscribing to relevant platforms and following reputable sources on social media can help investors make informed decisions.
In conclusion, Rekt Capital’s analysis suggests that Bitcoin is on the cusp of entering a new phase in its market cycle, potentially leading to significant price movements and new ATHs in the near future. As the cryptocurrency market continues to evolve, staying informed and adapting to changing market conditions will be crucial for investors looking to navigate this volatile yet promising asset class.