A widely followed crypto analyst says that Bitcoin (BTC) is on the cusp of entering the parabolic phase of the market cycle.

In a new strategy session, pseudonymous crypto trader Rekt Capital tells his 474,000 followers on the social media platform X that it appears as if the crypto king is one weekly close away from going parabolic.

However, the analyst notes that most likely, it won’t be weeks until the top crypto asset by market cap makes large moves to the upside.

“Bitcoin rejects from the range high of its current reaccumulation range. It’s clear that BTC is only one weekly close above the range high away from entering the parabolic phase of the cycle. But history suggests this historic breakout is still several weeks away.”