A widely followed crypto analyst believes Bitcoin (BTC) may be just days away from an explosive rally based on historic precedence.
Pseudonymous crypto trader Rekt Capital tells his 475,500 followers on the social media platform X that Bitcoin could soon enter a phase of the market cycle that in 2020 and 2021 saw massive gains.
“Bitcoin is on the cusp of a historic breakout.”
The analyst says if Bitcoin confirms a breakout into the historic “parabolic phase” of the cycle, it will have come earlier than in past cycles.
“Bitcoin could soon make history. Not just because a breakout from this re-accumulation range would enable price to enter the parabolic phase of the cycle. But also because it would be the fastest post-halving re-accumulation breakout of all time.”
The analyst also believes a parabolic Bitcoin would send altcoins soaring as a result of increased market liquidity.
“A BTC breakout would inject necessary capital into the entire crypto market, fueling a Q2 altcoin hype cycle.”
Bitcoin is trading for $69,208 at time of writing, down more than 1% in the last 24 hours.
The analyst also weighs in on dogwifhat (WIF). He warns if WIF fails to hold a key trendline as support, it could signal the end of the memecoin’s bullish trend.
“This technical uptrend has supported price since early March and is the most important trendline for WIF at this time; this diagonal needs to continue holding to ensure the technical uptrend remains intact. This trendline has been revisited every time WIF has either failed to break the blue level [at $3.04] as resistance or most recently, when WIF failed to retest the blue level as support.”
WIF is trading for $2.93 at time of writing, down 9.27% in the last 24 hours.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE3
Credit: Source link
