A popular cryptocurrency analyst says past trends suggest Bitcoin (BTC) could be about to breakout.
The anonymous trader known as Rekt Capital told his 501,400 followers on the media platform X that BTC had broken out of its reaccumulation range 154-161 days after the halving.
“It is now 157 days after the halving. History shows this is a ‘breakout moment’ for Bitcoin.”
The analyst said the models suggest BTC will now move into a “parabolic bullish phase.”
Rekt also noted that the standard halving cycle shows that Bitcoin is currently only 44.8% of the way through the ongoing bull market.
According to the analyst, BTC has convincingly broken through a series of lower highs.
“Bitcoin needed a weekly close above the Downtrend Line at $61,900 and the asset did just that, even exceeding expectations. Therefore, the downtrend is over. However, the price will usually come back to test that old downtrend line to turn it into new support, thereby confirming a full breakout. In the near term, BTC is still likely to return to the $61,300 area before continuing its upward momentum.”
#Write2Win #BinanceTurns7 #Btc #eth #bnb $BTC
