An expert who accurately predicted Bitcoin’s pre-halving correction this year suggests that BTC may have entered a phase of the market cycle where significant rallies are on the horizon.
The expert known as Rekt Capital, with a following of 100,000 subscribers on YouTube, explains that Bitcoin breaking above the resistance zone near the 2021 cycle high of nearly $70,000 signals the start of the parabolic phase.
“We observe similar levels across different cycles. In 2020 and 2021, this level was around $19,000, close to $20,000. That was the previous all-time high resistance.
In this cycle, the equivalent level was $69,000. In the 2017 cycle, it was slightly lower, around $1,200.
Breaking the old all-time high resistance marks the beginning of the parabolic phase of the cycle, as seen in the first monthly candle.
Based on historical data, the analyst believes Bitcoin could see several months of upward movement.
“In previous cycles, we have witnessed multiple monthly candles in the following months. In 2017, it was nine months of growth. In the 2020/2021 cycle, we also experienced nine months of increase.
If we anticipate nine to twelve months of growth, the current month (November 2024) could be just the beginning of a possible nine to twelve-month rally.”
Regarding the peak of the cycle, Rekt Capital predicts,
“We expect this parabolic rise to continue well into 2025. A bear market may follow in 2026.”
Bitcoin is currently valued at $96,718.
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