Rekt Capital, one of the well-known analysts in the crypto world, has said that Bitcoin$BTC
(BTC) has been remarkably optimistic in his latest assessments of its future. Addressing his 89,500 subscribers on YouTube, the analyst noted that the flagship crypto asset is preparing to enter a long-awaited bullish phase. According to the analyst, Bitcoin is currently at a critical point in its historical cycle and prices are likely to exhibit a parabolic rise.
According to Rekt Capital’s analysis, Bitcoin’s market cycles consist of distinct phases; the price first experiences periods of slow accumulation, then peaks with increased demand and speculation. Parabolic phases indicate periods when crypto assets can gain significant value in a short period of time. When past cycles are examined, it is seen that Bitcoin follows a similar course in every bull market. At the moment, it emphasizes that Bitcoin is about to exit the accumulation phase and is on the verge of a parabolic rise.
According to the analyst, this transition is a critical moment and we may witness Bitcoin’s transition to the parabolic phase in this cycle. The most important point for investors is how the price will follow this breakout phase. Rekt Capital predicts that Bitcoin has only a few days left to transition to this phase and if this breakout occurs, prices will rapidly gain upward momentum.
The analyst, who believes that Bitcoin will enter a strong bull market in the long term, draws attention to the fact that there may be some volatile movements in the short term. In particular, he states that Bitcoin could retreat to $60,600 with a small correction before entering the parabolic phase. Rekt Capital, who says that this level represents the lower limit of Bitcoin's re-accumulation range, states that such a pullback would be healthy for the price to recover.
Historical data is of great importance in Rekt Capital’s analysis. Bitcoin’s past cycles show how parabolic phases develop after “halving” events. Noting that Bitcoin reached all-time highs after the 2012 and 2016 halving processes, the analyst predicts that a similar cycle could last until 2025. If Bitcoin breaks through to its all-time high as the analyst predicts, it could potentially reach its peak in 250 to 329 days.
As of this writing, Bitcoin is trading at $63,650. This price is a significant part of the reaccumulation range that the analyst has indicated. If the price pulls back to $60,600, this could be considered an investment opportunity, as this could be one of the corrections needed for Bitcoin to reach $73,800 and then enter a strong bull market.
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