Bitcoin hit a daily close above $100,000 for the first time over the weekend, and one prominent analyst believes BTC is in the early stages of a parabolic upward explosion.
A pseudonymous trader known as Rekt Capital tells his 519,900 followers on social media platform
Bitcoin could take about nine months to end its parabolic surge based on historical price patterns, according to a cryptocurrency strategist.
“BTC has just entered the parabolic phase of its cycle.
Historically, this phase lasted an average of ~300 days.
Bitcoin is only on day 34 of its parabolic phase.”
At the time of this writing, Bitcoin is trading at $96,862. The top cryptocurrency asset by market cap is down more than 1% in the last 24 hours.
Rekt also estimates that BTC is currently 55% through the bull market.
“In the parabolic phase, progress will accelerate.”
Looking at the altcoin market, Rekt Capital said it is closely watching price action on the OTHERS chart, which tracks the market capitalization of all cryptocurrency assets excluding the top 10 coins and stablecoins.
According to Rekt, OTHERS may have succumbed to a resistance level around $425 billion, but we believe the problem area will break down over time.
“Altcoin market capitalization has become repulsed by this historical rejection.
But keep in mind: This is likely to be a much shallower tracking showing that $425 billion is weakening into resistance.”
As of this writing, OTHERS is trading at $359.221 billion.
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