Bitcoin‘s (BTC) recent correction was accurately predicted by a cryptocurrency analyst known as Rekt Capital. Now, the analyst is in the spotlight for predicting the timeline of the next parabolic move of the largest cryptocurrency. The analyst also painted a positive picture for altcoins, raising expectations.
Bitcoin Ready to Show Strength
Rekt Capital, an anonymous cryptocurrency analyst, shared his views with his followers on the social media platform X, stating that Bitcoin has entered a new accumulation phase after its block reward halving. Based on past data, he suggested that Bitcoin could be just months away from a significant rise.
The analyst pointed to the post-2020 Bitcoin block reward halving period, where Bitcoin experienced a 19% pullback and then consolidated for 160 days before entering a parabolic phase. Rekt Capital noted that Bitcoin experienced nearly a 24% pullback immediately after the 2024 block reward halving. If history repeats itself, Bitcoin could consolidate for up to 160 days before entering another parabolic phase.
Analyzing Bitcoin’s daily chart, Rekt Capital emphasized that after retesting the resistance at $66,000 as a support level, the largest cryptocurrency seemed to have broken out of a bullish continuation pattern. Confirming this breakout, he said, “The continuation of the uptrend is secured. The Bitcoin Bull Flag formation breakout is confirmed. This indicates a strong bullish trend for Bitcoin.”
Moreover, Rekt Capital shared a chart showing that Bitcoin’s bull market is still in its early stages. Marking the current position with a green circle, he indicated significant growth potential ahead.
Altcoins Expected to Rally in Hype Cycle
In addition to Bitcoin, Rekt Capital is also optimistic about altcoins. He suggested that a new altcoin rally is imminent, heralding the beginning of the Second Quarter Altcoin Hype Cycle.
Emphasizing that the current market movements are just the beginning, Rekt Capital said that a period of significant gains for altcoins is rapidly approaching.
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