A closely watched cryptocurrency strategist believes Bitcoin (BTC) will soon see a parabolic move similar to previous market cycles.
Pseudonym analyst Rekt Capital says The 389,700 followers on social media platform
The next halving event is expected in April, when miners’ rewards will be halved.
According to traders, Bitcoin’s price action is likely to go through three distinct phases before parabolic phase four.
“Entry requirements for Bitcoin parabolic uptrend (green):
• Survive the current downturn (orange)
• Survives pre-half-life retracement (dark blue circle).
• Is it easy enough to survive re-accumulation after half-life (red)? let’s go.”
Analysts too warn Bitcoin may experience significant corrections leading up to the halving event, just as it did before the halving.
“If you are tired of Bitcoin’s current decline, wait until the price experiences another decline of at least -20%.”
Bitcoin is trading at $40,167 at the time of this writing and has risen slightly over the past 24 hours.
Analysts too update His outlook on the altcoin market. He predicts that for alternatives to continue their upward trend, their total market capitalization, excluding the top 10 digital assets by market capitalization, would need to remain at a core level of around $189 billion as of the weekly close.
“For altcoin market capitalization to continue its upward trend, the current black triangle market structure must be maintained. We are currently testing the foundation for support. A bearish wick below that is acceptable, but we must seize the opportunity for the uptrend to continue.”
Excluding the top 10 digital assets, their current overall market capitalization is worth $187.68 billion at the time of this writing.
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