A cryptocurrency analyst and dealer is saying that Bitcoin (BTC) is on the cusp of turning bullish.
The analyst pseudonymously generally known as Rekt Capital tells his 84,700 YouTube subscribers that Bitcoin is in a re-accumulation part and is “getting actually near getting into the parabolic part of the cycle.”
In accordance with the pseudonymous analyst, Bitcoin is weeks away from breaking out above the present file excessive of round $73,800 primarily based on historic precedent.
“214 days after the halving is usually after we are already breaking out into a brand new micro uptrend as a result of… 214 days after halving we ought to be already on our strategy to new highs… technically we’re over two months away from breaking out to new all-time highs and actually having fun with that value discovery.”
The pseudonymous analyst says that primarily based on historical past, the bull market peak for this cycle might happen round September 2025.
“If you concentrate on how lengthy it takes for Bitcoin to Rally to new all-time highs and to that final bull market peak after the halving, it takes 546 days or 518 days… for instance, in 2020 and 2021 it took 546 days after halving to bull market peak.
And on this cycle of 2016-2017, that took 518 days after the halving. So it simply showcases to us that it takes 518-546 days after the halving to rally to a bull market peak.”
Bitcoin is buying and selling at $59,984 at time of writing.
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