Bitcoin
Bitcoin is on the brink of a ‘historic breakout’ according to crypto analyst – here’s what he means
A widely followed crypto analyst believes that Bitcoin (Bitcoin) may be just days away from an explosive rally based on historical precedence.
Pseudonymous crypto trader Rekt Capital it says its 475,500 followers on the social media platform X that Bitcoin could soon enter a phase of the market cycle that in 2020 and 2021 saw massive gains.
“Bitcoin is on the verge of a historic breakout.”
Source: Rekt Capital/X
The analyst it says If Bitcoin confirms a breakout in the historic “parabolic phase” of the cycle, it will have occurred sooner than in previous cycles.
“Bitcoin could soon make history. Not just because a breakout of this reaccumulation range would allow the price to enter the parabolic phase of the cycle. But also because it would be the fastest post-halving reaccumulation breakout ever.”
The analyst also believe A parabolic Bitcoin would see altcoins soar as a result of increased market liquidity.
“A BTC breakout would inject much-needed capital into the entire crypto market, fueling a Q2 altcoin hype cycle.”
Source: Rekt Capital/X
Bitcoin is trading for $69,208 at the time of writing, down more than 1% in the last 24 hours.
The analyst also rates dogwifhat (WIF). He warn If WIF fails to hold a key trendline as support, it could signal the end of memecoin’s uptrend.
“This bullish technical trend has been supporting prices since the beginning of March and is the most important trendline for WIF at this time; this diagonal needs to continue to hold to ensure that the technical uptrend remains intact. This trendline was revised whenever WIF failed to break the blue level [at $3.04] as resistance or more recently when WIF failed to retest the blue level as support.”
WIF is trading for $2.93 at the time of writing, down 9.27% in the last 24 hours.
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