Bitcoin Analyst Predicts Parabolic Uptrend and Updates Altcoin Outlook
A well-known cryptocurrency strategist believes that Bitcoin (BTC) is on the verge of entering a parabolic uptrend, similar to previous market cycles. The analyst, Rekt Capital, suggests that Bitcoin’s price pattern will follow similar phases seen in previous halving years, such as 2020 and 2016.
Rekt Capital outlines three distinct phases that Bitcoin’s price action is likely to go through before entering the parabolic phase. These phases include surviving the current pullback, surviving the pre-halving retrace, and surviving the post-halving re-accumulation.
However, the analyst warns that Bitcoin may experience a significant correction leading up to the halving event, which has been observed in previous halving years.
In terms of altcoins, Rekt Capital predicts that the total market cap for altcoins (excluding the top 10 digital assets by market cap) needs to hold a key level of around $189 billion on a weekly close basis for the uptrend to continue.
Hot Take: Bitcoin Poised for Parabolic Uptrend
Crypto analyst Rekt Capital predicts that Bitcoin is on the brink of a parabolic uptrend, similar to previous halving cycles. While there may be some pullbacks and corrections along the way, Rekt Capital believes that Bitcoin’s price will eventually soar. However, investors should brace themselves for potential downside risks, particularly leading up to the halving event. In addition, altcoin investors should keep an eye on the total market cap excluding the top 10 digital assets, as it needs to hold a crucial level for an uptrend continuation. As always, it’s important to stay informed and monitor price action in the crypto market.
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