A crypto strategist who accurately timed the latest Bitcoin correction reveals the timeline for BTC’s next parabolic move.
Pseudonymous analyst Rekt Capital tells his 470,400 followers on social media platform
“In 2020, Bitcoin staged a -19% retracement around the halving.
And then consolidated for 160 days after the halving before entering the parabolic phase of the cycle (green).
In 2024, Bitcoin returned almost -24% around the halving.
And if history repeats itself, the price could consolidate for up to 160 days before breaking out into the parabolic phase of the cycle (green).
Looking at Bitcoin’s daily chart, the analyst highlights that BTC appears to have broken the bullish continuation pattern after retesting the resistance at $66,000 as support.
“Continuation of trend assured. Bitcoin Bull Flag Outbreak Confirmed.”
Zooming out, Rekt shares a chart that suggests the Bitcoin bull market still has a long way to go.
“We are there (green circle).”
At the time of writing, Bitcoin is trading at $71,148, up 7.50% in the last 24 hours.
As for other crypto assets, Rekt says new altcoin rallies are in the offing.
“Welcome to the Second Quarter Altcoin Hype Cycle. Things are just getting started.”
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Generated image: DALLE3