Rekt

<div class="dailyhodl">
 A closely followed crypto strategist believes that Bitcoin (BTC) will soon make a parabolic move similar to prior market cycles.
 Pseudonymous analyst Rekt Capital tells his 389,700 followers on the social media platform X that he believes Bitcoin’s price pattern will follow similar phases from prior halving years, including 2020 and 2016.
 <div class="code-block code-block-055f5289fd7e731bb72be7c5a19d18ed code-block-1">  
 </div>
 The next halving event is expected in April when miners’ rewards are cut in half.
 According to the trader, Bitcoin’s price action is likely to go through three distinct phases before the parabolic phase four.
 “Entry requirements to the Bitcoin parabolic uptrend (green): 
 • Survive this current pullback (orange) 
 • Survive the Pre-Halving retrace (dark blue circle) 
 • Survive Post-Halving Re-Accumulation (red) Easy enough? Let’s go.”
 <figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" class="css-9pa8cd" draggable="true" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/GEdOhz1XoAAO3j3?format=jpg&amp;name=large" alt="Image" width="1794" height="1266">
 <figcaption class="wp-caption-text">
 Source: Rekt Capital/X
 </figcaption>
 </figure>
 The analyst also warns that Bitcoin may undergo a significant correction leading up to the halving event, similar to the before halving years.
 “If you’re sick of this current downside on Bitcoin, wait until around the halving event itself when price experiences another minimum -20% downside.”
 <figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" class="css-9pa8cd" draggable="true" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/GEdOLN6XUAAQbbj?format=jpg&amp;name=large" alt="Image" width="1794" height="1266">
 <figcaption class="wp-caption-text">
 Source: Rekt Capital/X
 </figcaption>
 </figure>
 Bitcoin is trading for $40,167 at time of writing, up slightly in the last 24 hours.
 The analyst also updates his outlook on the altcoin market. He predicts that the total market cap for alts, excluding the top 10 digital assets by market cap, needs to hold a key level of around $189 billion on a weekly close basis for alts to continue an uptrend.
 “For altcoin market cap to keep trending up it needs to hold the current black triangular market structure. Currently testing the base of it for support. Downside wicks below it are allowed but needs to hold for a chance at uptrend continuation.”
 <figure style="width: 100%" class="wp-caption alignnone"><img loading="lazy" decoding="async" class="css-9pa8cd" draggable="true" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/GEdPe1LXEAIlo82?format=jpg&amp;name=large" alt="Image" width="1794" height="1266">
 <figcaption class="wp-caption-text">
 Source: Rekt Capital/X
 </figcaption>
 </figure>
 The current total market cap excluding the top 10 digital assets is valued at $187.68 billion at time of writing.
</div>
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/analyst-says-parabolic-uptrend-for-bitcoin-approaching-updates-outlook-on-altcoin-markets-tbt77595.html">https://thebittimes.com/analyst-says-parabolic-uptrend-for-bitcoin-approaching-updates-outlook-on-altcoin-markets-tbt77595.html</a>

Analyst Says Parabolic Uptrend for Bitcoin Approaching, Updates Outlook on Altcoin Markets

TheBitTimes

Other articles published on Jan 24, 2024

Cardano – Analyzing price decline, volume surge, and more

Analis Ini Prediksikan Harga XRP ke US$20 pada Bull Run Berikutnya, Ini Dasarnya

Solana Eyes Bounce Back from $80 Support, Bulls Hopeful

Market Recovery Catalysts: Short Squeeze Dynamics in Crypto Assets

Canadian Court Rules Government’s Freeze of Protester’s Crypto Donations Unconstitutional

Analyst Eyes UMA’s Bullish Surge to $8 Extending to the High of $13

Join our free newsletter for daily crypto updates!