A popular crypto analyst thinks historical trends indicate Bitcoin (BTC) could be on the verge of a breakout.
The pseudonymous trader known as Rekt Capital tells his 501,400 followers on the social media platform X that BTC has historically broken out from its re-accumulation range 154-161 days after its halvings.
“It is 157 days after the halving now. History suggests it is ‘Breakout Time’ for Bitcoin.”
The analyst says historical patterns suggest BTC will now transition into its “Parabolic Upside phase.”
Rekt also notes that standard halving cycles indicate the current Bitcoin cycle is only 44.8% of the way through the ongoing bull market.
The analyst says BTC has “convincingly” broken a series of lower highs.
“Bitcoin needed to Weekly Close above ~$61,900 which was represented by the Downtrend, and Bitcoin managed to do just that and more, Weekly Closing much higher than that price point.
Thus – the Downtrend is over.
However, whenever a Downtrend ends as resistance, there is always an opportunity for price to pull back into that old downtrend to turn it into a new support, so as to fully confirm the breakout.
For Bitcoin to experience such a post-breakout retest, price would need to drop into the ~$61,300 area.”
BTC is trading at $64,539 at time of writing. The top-ranked crypto asset by market cap is up nearly 2% in the past 24 hours.
Generated Image: Midjourney