A closely watched crypto analyst says Bitcoin (BTC) could witness another parabolic rally on its way to a new all-time high after the halving in 2024.
Pseudonymous analyst Rekt Capital tells his 352,200 followers on social media platform X that Bitcoin could rise above $80,000 in the months after the next halving.
The halving, which halves rewards for BTC miners, is expected to take place in April 2024.
Although Rekt Capital is optimistic about Bitcoin in the long term, he is notes that it is possible for BTC to continue its downtrend before the halving.
“Hang in there and take advantage of any deeper downsides in this pre-halving period.
You won’t want to miss the parabola after the halving.”
Rekt Capital notes that Bitcoin could repeat its 2019 bear market cycle when it traded within a triangle pattern before breaking out and entering a bull market.
“If Bitcoin Continues to Form Lower Highs…
Could BTC close the ~$20,000 CME (Chicago Mercantile Exchange) gap later this year or early 2024?
If so, the possible path could be consolidation to the top of the black triangle before finally breaking out close to the halving.”
Looking at the trader’s chart, he seems to suggest that Bitcoin will confirm the breakout of the triangle in April 2024, followed by a rally towards its long-term target.
At the time of writing, Bitcoin is worth $26,610.
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Generated image: Midjourney