Cryptocurrency markets’ well-known senior analyst with a track record of accurate predictions has declared his belief that Bitcoin (BTC) will soon make a parabolic move similar to previous market cycles.
Bitcoin’s Rise Requirements
The crypto analyst known as Rekt Capital shared on social media platform X that he believes Bitcoin’s price pattern will follow similar stages to those in previous halving years, including 2020 and 2016.
The next halving event, which is expected to cut miner rewards in half, is anticipated to occur in April. According to the analyst, it is likely that the leading cryptocurrency, Bitcoin, will go through three different stages before entering the fourth parabolic phase. The analyst stated:
Bitcoin parabolic rise entry requirements: Successfully exit this current pullback, succeed in the pre-halving pullback. Survive the post-halving reaccumulation… Easy enough? Let’s go.
Bitcoin Correction Warning
The analyst also warned that, similar to the years before previous halvings, Bitcoin could undergo a significant correction before the halving event, adding:
If you’re tired of this current negativity in Bitcoin, wait for a minimum 20% drop before the halving event.
At the time of writing, Bitcoin has seen a slight increase in the last 24 hours, trading at $40,167. The analyst also updated his view on the altcoin market. He predicted that, in order for altcoins to continue their uptrend, the total market value excluding the top 10 cryptocurrencies by market value needs to be maintained at an important level around $189 billion on a weekly closing basis, concluding his remarks with:
For the altcoin market value to continue rising, it needs to maintain its current triangular market structure. We are currently testing the base for support. Downward wicks are allowed below it, but a chance must be held for the uptrend to continue.