Famous cryptocurrency analyst and trader Rekt Capitalclaimed that a “historic breakout” is imminent for Bitcoin (BTC). The analyst expects the largest cryptocurrency to enter a parabolic rally phase by October at the latest.
Bitcoin Could Enter Parabolic Phase Around September-October, According to Analyst
Rekt Capital in its latest market commentary to YouTube subscribers BitcoinHe noted that the market is about to enter a parabolic phase in its cycle. According to the analyst, this phase coincides with historical antecedents. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
Analyst predicts significant breakout for Bitcoin consolidation phaseEmphasizing that such a breakout occurred approximately 160 days after the block reward halving, Rekt Capital stated that 126 days have passed since this event and that this breakout is likely to occur in a little over a month.
“The exit from this consolidation phase is usually block reward halving“It is happening 160 days after the block reward halving. It is currently approximately 126 days after the block reward halving. This shows us that there is about a month left for the possibility of breaking the upper limit of the reconsolidation range.”
Rekt Capital noted that there is a high probability that Bitcoin will break out of its current trading range during this time frame. crypto moneyHe emphasized that there are strong signs that the cryptocurrency could break out of this range within the next month, and warned investors, “It is very important not to underestimate these declines because we could be running out of these downside divergences. It has been 126 days since the block reward halving and we are approaching this potential historic breakout in early September or early October.”
$60K Threshold About to Become Support
Based on historical data, Rekt Capital predicts that Bitcoin parabolic rallyHe assesses that it will regain the $ 60,000 level as support on the weekly chart before the breakout.
“We are very close, very close to a potential breakout. We only have this short period of time left, and that tells us that in a month or so, we will enter the parabolic phase of this cycle. We are very close, very close to a historic breakout, but first we need to regain the lower end of this range,” the analyst said.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
