An analyst who weathered Bitcoin’s pre-halving correction this year says BTC may have entered a market cycle phase where steep rallies are in sight.
The analyst under the pseudonym Rekt Capital tells Its 100,000 YouTube subscribers say the act of Bitcoin rising above the resistance zone that has formed around the 2021 cycle high just below the $70,000 price is “essentially the very first signal to trigger the parabolic phase.”
“We see this analog level across cycles. In 2020 and 2021, this was the level: $19,000, roughly $20,000. That was the old high resistance of all time.
Here in this cycle the analog level was $69,000. And of course in the previous cycle of 2017 it was slightly lower than that – about $1,200.
And so in each of these cycles that break the old great resistance of all time, that first monthly candle is the very first sign of the beginning of that parabolic phase of the cycle.
According to the pseudonymous analyst, Bitcoin could experience several months of upside potential based on historical precedent.
“We have seen in the past that we can produce a large number of monthly candles in the coming months. So in this cycle here [2017] it was… nine months of benefits.
In this cycle in 2020/2021… we saw nine months of upside…
So if we’re talking about nine months of upside, twelve months of upside, this is month one [November of 2024] of a possible nine at least or a possible twelve.”
As for when Bitcoin could reach cycle peak, Rekt Capital says:
“We will see this parabolic advantage play out well into 2025. And then we will have to take into account a bear market after 2025, most of which will take place in 2026.”
Bitcoin is trading at $96,718 at the time of writing.
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Generated image: Midjourney