Next Stop: Bitcoin’s “Parabolic Upside”
Crypto analyst and trader Rekt Capital considers Bitcoin (BTC) is currently awaiting a period of consolidation. In an , the trader highlighted that, during the previous “Halvings,” BTC saw “Re-Accumulation Ranges.”The analyst shared his chart for Bitcoin phases during the “Halving,” which he has previously used to explain BTC was at the “Last Pre-Halving Retrace” before April 19.
Bitcoin phases during the "Halving". Source: Rekt Capital on XRekt Capital highlighted that, during this cycle, the flagship cryptocurrency has already experienced five re-accumulation ranges. Similarly to the last cycle, the latest re-accumulation phase seems to have started during the “Pre-Halving Rally” phase. Per the analyst, this will be followed by the “Parabolic Upside” if history repeats itself. Analyst Mikybull seems to share a similar view to Rekt Capital’s, as he highlights that Bitcoin’s “parabolic rally is loading.” The re-accumulation breakout is “explosive,” and “not many are prepared for this,” he added. The analyst that “the RSI on a macro scale is at the same level as it was in 2017, which was followed by a huge rally to cycle top.” Based on this, he believes the current consolidation comes from institutions preparing “for a huge rally to cycle top.”
Analyst Sets Crucial Level For Bitcoin’s Breakout
A day before Bitcoin’s “Halving,” the cryptocurrency faced a correction that shredded 7% of its price in a few hours. BTC went from hovering between the $64,000-$63,000 price range to trading below the $60,000 support zone.Since then, the largest cryptocurrency by market capitalization appears to have steadily recovered from the drop. Over the weekend, Bitcoin regained the $65,000 support level before testing the $66,000 one, which it reclaimed on Monday.
Over the last few days, BTC has hovered between $66,000 and $67,000. However, it has not been able to successfully test the resistance level set at the $67,000 price range. According to the crypto analyst Bluntz, Bitcoin’s most recent performance that the price will continue to move sideways between the $66,000 and the $67,000 range. However, he also considers that BTC is “gagging for a breakout soon,” as the chart displays a bullish pennant pattern forming. Per the analyst, “once we clear 67k,” the whole market will fly above the latest ATH. As of this writing, Bitcoin is trading at $66,665, a 7.5% increase from a week ago and a 66.22% in the last three months.Bitcoin's performance in the weekly chart. Source: BTCUSDT on