Bitcoin Expected to Undergo Parabolic Rally, says Top Analyst
A well-regarded crypto analyst suggests that Bitcoin (BTC) is currently in a consolidation phase, readying itself for a significant surge. Known only by the pseudonym Rekt Capital, the analyst shared insights with his followers about the imminent rise of Bitcoin to unprecedented levels. According to him, the current trading range, which hovers around $70,000, is merely a precursor to an explosive movement upward.
"This re-accumulation range at these highs is just noise, preparing us for the greater move. It's not about if, but when, and also a matter of time. The longer we consolidate here, the more we open the floor for bargain buying before the inevitable ascent. Any pullbacks or consolidation at this stage represent the last opportunities for bargain purchases before we leap into that parabolic upside," emphasized Rekt Capital.
Drawing on historical patterns, the analyst predicts that the parabolic upside typically follows Bitcoin’s halving events. However, this cycle might witness the surge happening sooner than expected, largely due to the introduction of spot Bitcoin exchange-traded funds (ETFs) in January. These financial instruments have ostensibly altered the trajectory, setting the stage for a quicker entry into price discovery and a parabolic rally.
"Once we break beyond these old all-time highs, we're set to enter price discovery and that parabolic upside, considerably shortening the pre-halving, re-accumulation phase, and propelling us to new all-time highs in a rally that's unparalleled," Rekt Capital remarked.
At the time of this update, Bitcoin is trading at $69,983, experiencing a slight decline of more than 1% in the last 24 hours.
It is important to note that opinions shared are not to be taken as investment advice. Investors are urged to conduct thorough due diligence prior to engaging in high-risk investments in Bitcoin, cryptocurrency, or digital assets. Any trading decisions made are at one's own risk, with the investor solely responsible for any incurred losses. This information does not advocate for the purchase or sale of any cryptocurrencies or digital assets, nor does it represent investment advisory services.
Analyst comment
Positive news: The article states that a top analyst expects Bitcoin to undergo a parabolic rally, with the current trading range serving as a precursor to a significant surge. The introduction of spot Bitcoin ETFs in January is expected to accelerate the rally.
Market outlook: The analyst predicts that once Bitcoin breaks beyond the old all-time highs, it will enter price discovery and experience a parabolic upside, leading to new all-time highs. Investors are urged to conduct due diligence before engaging in high-risk investments.
