Bitcoin has gained remarkable momentum as we approach the end of 2024. According to market analyst Rekt Capital, the leading cryptocurrency could be at the start of a new parabolic bullish cycle.
The analyst stated that Bitcoin breaking the all-time high resistance of $69,000 in 2021 was the first signal of this new cycle.
Breaking old resistances
Rekt Capital noted that in each market cycle, the breakout of old all-time highs signals the beginning of a parabolic rally. The analyst emphasized that in previous cycles, these breakouts led to major rallies:
2017 Cycle: $1,200 was a major resistance level. Breaking this level initiated a strong rally.
2020/2021 Cycle: $19,000-20,000 level was broken as the previous all-time high resistance, followed by a nine-month rally.
2024 Cycle: The $69,000 resistance level is broken and this could be the start of a new parabolic cycle.
According to the analyst, Bitcoin breaking this level is a harbinger of long-term price increases that have historically been observed in similar cycles.
How long can the rise last?
Rekt Capital predicts that Bitcoin could enter a strong uptrend in the coming months. Based on historical data, it states that Bitcoin could experience a nine to 12-month bullish period in a cycle.
