A closely watched analyst who rightly called Bitcoin’s pullback earlier this year says BTC could soon enter the explosive phase of the market cycle.
In a video update, pseudonymous analyst Rekt Capital says tells are 91,000 YouTube subscribers that Bitcoin could break the upper limit of a trading range and print new all-time highs (ATHs) within weeks.
“We are testing this again [$60,000 level] a few weeks in a row and we are trying to position ourselves for a move towards the highs [of around $71,000] here.
And of course, we’re dealing with a series of lower highs, but once we break that series of lower highs, and there’s a good chance we will in the next few weeks, then we’ll reassess all of this. important resistance [at the low $70,000s] for a challenge to finally move from the reaccumulation phase to the parabolic phase of the cycle.”
The analyst also suggests that based on past cycles, Bitcoin could reach its cycle top sometime around March 2025, 330 days after the April 2024 halving, when miner rewards were halved.
“250 days after we break old all-time highs, that will be the earliest time to consider exiting the market, and at most 330 days after the halving that time should probably come.
So we have an 80 day period where it becomes really risky to hold digital assets as a whole, but that’s a story for another day because we haven’t even broken all-time highs yet, but that’s just a matter of time .”
Bitcoin is trading at $65,906 at the time of writing, up 5.41% in the past 24 hours.
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