A widely respected cryptocurrency analyst believes Bitcoin (BTC) could be just days away from an explosive rally based on historical precedent.
Cryptocurrency trader Rekt Capital, a pseudonym, told his 475,500 followers on social media platform
“Bitcoin has reached a historic breakthrough.”
The analyst said that if Bitcoin were to see a breakout into the cycle’s historic “parabolic phase,” it would come sooner than in past cycles.
“Bitcoin could soon make history. Not only because breaking out of this reaccumulation range could cause prices to enter the parabolic phase of the cycle. But at the same time, the breakthrough of reaccumulation after halving is the fastest ever.”
The analyst also believes that the parabolic Bitcoin trend will cause altcoins to surge as a result of increased market liquidity.
“BTC’s breakout will fuel the altcoin hype cycle in Q2 by injecting much-needed capital into the entire cryptocurrency market.”
Bitcoin is trading at $69,208 at the time of this writing and is down more than 1% in the last 24 hours.
The analyst also comments on dogwifhat (WIF). He warned that if WIF fails to hold key trend lines as support, it could signal the end of Memcoin’s bullish trend.
“This technical uptrend has supported prices since early March and is currently the most important trendline for WIF. This diagonal must be maintained for the technical uptrend to remain intact. This trendline has been reexamined whenever WIF failed to break the blue level ($3.04) as resistance or, most recently, whenever WIF failed to retest the blue level as support.”
At the time of this writing, WIF is trading at $2.93, down 9.27% in the last 24 hours.
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