A closely watched crypto strategist believes that Bitcoin (BTC) will soon make a parabolic move, similar to previous market cycles.
Pseudonymous analyst Rekt Capital tells his 389,700 followers on the social media platform
The next halving is expected in April, when miner rewards will be halved.
According to the trader, Bitcoin’s price action is likely to go through three distinct phases before the parabolic phase four.
“Entry Requirements for Bitcoin’s Parabolic Uptrend (Green):
• Survive this current setback (orange)
• Survive the retrace before the halving (dark blue circle)
• Survive the post-halving reaccumulation (red) Easy enough? Let’s go.”
The analyst too warns that Bitcoin could experience a significant correction leading up to the halving, similar to the years before the halving.
“If you are tired of this current downside of Bitcoin, wait until around the halving itself, when the price will again experience a downside of at least -20%.”
Bitcoin is trading at $40,167 at the time of writing, up slightly in the past 24 hours.
The analyst too updates his view on the altcoin market. He predicts that the total market cap for alts, excluding the top 10 digital assets by market cap, will need to maintain a key weekly level of around $189 billion for alts to continue their upward trend.
“For altcoin market capitalization to increase, it must maintain the current black triangular market structure. Its base is currently being tested for support. Downward wicks below are allowed, but must be held to have any chance of continuing the uptrend.”
The current total market capitalization excluding the top 10 digital assets is estimated at $187.68 billion at the time of writing.
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Featured image: Shutterstock/d3verro