History Suggests ‘It’s Breakout Time’ for Bitcoin, According to Closely Followed Crypto Analyst
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.”
Source: RektCapital/X
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.
Source: RektCapital/X
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.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxCheck Price Action
Follow us on X , Facebook and Telegram
Surf The Daily Hodl Mix
Generated Image: Midjourney
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
BTC falls below $91,000
ETH breaks through $3,200
BNB breaks above $630
FIL breaks through $4.5
Crypto prices
More
