A closely followed analyst believes that Bitcoin (BTC) is now consolidating while gearing up for a parabolic move.
In a new video update on YouTube, pseudonymous analyst Rekt Capital tells his 70,600 subscribers that Bitcoin’s current value may not last for much longer as he expects the king crypto to soon soar to new all-time highs based on historical precedence.
“This re-accumulation range at these highs [around $70,000] is just noise, preparing us for the greater move.
And it’s a matter of when rather than if, and it’s also a matter of time, because the more we can consolidate here, the more opportunity for bargain buying we have before we inevitably embark on that fantastic move towards the upside. So any pulling back, any consolidation around here, those are the final bargain buying opportunities before we enter that parabolic upside.
Historically, that parabolic upside should occur after the halving and multiple weeks or even a couple of months after the halving.”
The trader also suggests that the parabolic upside that usually comes after Bitcoin’s halving events could happen sooner than usual this cycle due to the impact of spot Bitcoin exchange-traded funds (ETFs), which launched in January. Bitcoin already reached a new all-time high this cycle sooner than the historic price patterns.
“Once we break beyond these old all-time highs, we’re going to enter price discovery and that parabolic upside which would really just considerably shorten the pre-halving phase, the re-accumulation phase, and take us to new all-time highs into a parabolic rally, which has never been done before and that is understandable because we are seeing the ETFs play into the price action.”
Bitcoin is trading for $69,983 at time of writing, down more than 1% in the last 24 hours.
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