According to evaluations by Rekt Capital, Bitcoin’s value may signal the onset of a parabolic rise. Rekt Capital indicated that surpassing the approximately $70,000 level reached by Bitcoin 
$97,457 in 2021 marks the beginning of a new market cycle. This development is viewed as a significant milestone in light of Bitcoin’s similar movements in previous cycles.
Breaking Above Bitcoin’s 2021 Highs
Rekt Capital expressed that Bitcoin breaking the resistance level above $70,000 is the first signal of the parabolic phase. The analyst stated, “Breaking the previous all-time high resistance in each cycle forms the first monthly candlestick of the parabolic phase.” This commentary supports the observation that Bitcoin has historically experienced prolonged upward movements during similar periods.
The analyst identified specific price levels as critical in previous market cycles. He emphasized that the $20,000 level was an important resistance point in 2020 and 2021. In 2017, this level was around $1,200, and breaking the previous all-time high resistance has triggered parabolic rises in each cycle.
Future Predictions and Market Expectations
The analyst proposed that Bitcoin may continue its upward trajectory in the coming months, consistent with historical continuity. “We might see a rise lasting at least nine to a maximum of twelve months starting from November 2024,” he stated. Additionally, he noted that the parabolic rise could deepen by 2025, followed by a bear market in 2026.
Currently, Bitcoin is trading at around $96,718. Rekt Capital’s analyses indicate that Bitcoin’s present market movements align with historical trends, and future developments may shape in this direction.
Reaching such a high level presents significant opportunities and risks for traders. While the repetition of historical cycles suggests substantial market movement, it is essential to acknowledge the existing uncertainties.
Past experiences and Rekt Capital’s evaluations indicate Bitcoin’s strong potential for upward movement in the short term. However, it is crucial to remember that market dynamics are constantly changing. Traders are expected to make careful and informed decisions.
