Famous crypto analyst and trader Rekt Capital claimed that a “historic breakout” is imminent for Bitcoin (BTC). The analyst expects the largest cryptocurrency to enter a parabolic rally phase by October at the latest.
Bitcoin Could Enter Parabolic Phase by September-October
Rekt Capital stated in his latest market commentary to his YouTube subscribers that Bitcoin is about to enter a parabolic phase in its market cycle. According to the analyst, this phase aligns with historical precedents. Access NEWSLINKER to get the latest technology news.
The analyst mentioned that the significant breakout he anticipates will occur once Bitcoin completes its consolidation phase. Highlighting that such a breakout typically happens around 160 days after the block reward halving, Rekt Capital noted that 126 days have passed since this event, indicating a high probability of the breakout occurring in a little over a month.
The analyst said, “This exit from the consolidation phase usually occurs 160 days after the block reward halving. Currently, approximately 126 days have passed since the block reward halving. This shows us that we have about a month left for the possibility of surpassing the upper limit of the consolidation range.”
Rekt Capital indicated that the likelihood of Bitcoin exiting its current trading range within this timeframe is quite high. He emphasized the strong signs that the largest cryptocurrency could exit this range within the next month and warned investors, “It is very important not to underestimate these declines because we might be exhausting these downward deviations. 126 days have passed since the block reward halving, and we are approaching this potential historic breakout by early September or early October.”
60 Thousand Dollar Threshold Set to Become Support
Based on historical data, Rekt Capital believes that Bitcoin will reclaim the $60,000 level as support on the weekly chart before the parabolic rally.
At this point, the analyst said, “We are very close, very close to a potential breakout. We only have this short period left, and this tells us that we will enter the parabolic phase of this cycle within a month or a little more. We are very close, very close to a historic breakout, but first, we need to reclaim the lower limit of this range.”
