Bitcoin witnessed its first-ever daily close above $100,000 this weekend, and one popular analyst believes that BTC is in the early stages of a parabolic upward burst.
The pseudonymous trader known as Rekt Capital tells 519,900 followers on social media platform X that Bitcoin tends to undergo steep rallies after entering bull territory.
According to the crypto strategist, Bitcoin may have about nine months left before ending its parabolic rise based on historical price patterns.
“BTC has only just begun its parabolic phase in the cycle.
Historically, this phase has lasted an average of ~300 days.
Bitcoin is only on day 34 of its parabolic phase.”
Bitcoin is trading at $96,862 at the time of writing. The highest-ranked crypto asset by market capitalization has fallen more than 1% in the past 24 hours.
Also stretches estimates that BTC is 55% of the way through the current bull market.
“Progress will accelerate in the parabolic phase.”
Looking at the altcoin market, Rekt Capital say he keeps a close eye on the price action of the OTHERS chart, which tracks the market capitalization of all crypto assets except the 10 largest coins and stablecoins.
According to Rekt, OTHERS may have succumbed to a resistance level of around $425 billion, but he thinks the problem area will be destroyed in time.
“Altcoin’s market cap has been rejected from this historical point of rejection
But keep in mind that this will likely be a much more superficial track to show that $425 billion as resistance is weakening.”
At the time of writing, OTHERS is trading for $359.221 billion.
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Featured image: Shutterstock/singpentinkhappy/Nikelser Kate