Widely followed crypto analyst Rekt Capital is suggesting that Bitcoin (BTC) is at a point in its market cycle that has historically preceded massive moves to the upside.
The pseudonymous analyst tells his 483,000 followers on the social media platform X that BTC is at a major turning point that has unfolded in previous chapters of Bitcoin’s history.
Rekt Capital’s chart suggests that BTC goes parabolic right after convincingly breaking through the previous all-time high.
“BTC.
We are here (green circle).”
After a bounce off of the# $65,000 mark, the analyst says that Bitcoin has officially confirmed the level as support, and will now look toward forming a range between there and the $71,000 point.
“BTC.
The retest was successful.
Bitcoin has confirmed $65,000 as support.
Price will now continue to occupy the $65,000-$71,500 region (red)”.
At time of writing, Bitcoin is trading for $68,946.
Looking at the altcoin market, Rekt Capital is also watching Ethereum (ETH) rival Solana and is anticipating that SOL will revisit the $202 mark after printing a “successful” tag of support.
“SOL.
Looks like the Solana retest was successful.
Continue to hold this red area as new support and SOL will be able to at least revisit the $202 resistance over time.”
At time of writing, SOL is worth $189.08.
A pro-crypto senator is proposing legislation for the US to stockpile 1 million Bitcoin (BTC) as the country’s national debt continues to rise.
Speaking at the Bitcoin 2024 Conference, Republican Senator Cynthia Lummis of Wyoming announces that she will propose a bill to establish a BTC reserve as a means of securing the value of the US dollar amid a record-breaking national debt.
“Establishing a strategic Bitcoin reserve would firmly secure the dollar’s position as the world’s reserve currency into the 21st century and ensure we remain the world leader in financial innovation.
Families across Wyoming and the US are struggling to keep up with soaring inflation rates and record-breaking costs while our national debt reaches unprecedented levels; now more than ever, we need to create a brighter future for generations of Americans by diversifying into Bitcoin and securing economic future.”
According to Lummis, the legislation will drive the US government to accumulate 1 million BTC or 5% of BTC’s total supply in five years.
“With a strategic Bitcoin reserve, we will have an asset that can cut our debt in half by 2045.”
Lummis says the plan is to convert excess funds from the 12 Federal Reserve banks into Bitcoin over a period of half a decade.
“This is the solution. This is the answer. This is our Louisiana Purchase moment!”
According to data from the U.S. Treasury Department, the current national debt is sitting at a staggering $34.99 trillion.
Bitcoin is trading for $69,548 at time of writing, a marginal increase during the last 24 hours.
