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Renowned crypto analyst and trader Rekt Capital has forecasted an imminent “historic breakout” for Bitcoin (BTC). The expert predicts the leading cryptocurrency will embark on a parabolic rally phase by October at the latest. When Will Bitcoin Enter a Parabolic Phase? In his latest market update to YouTube subscribers, Rekt Capital explained that Bitcoin is on the verge of entering a parabolic stage in its market cycle. This prediction is grounded in historical market patterns. Access NEWSLINKER to get the latest technology news. The analyst identified that the anticipated significant breakout will occur once Bitcoin concludes its consolidation phase. Citing historical data, Rekt Capital noted that such a breakout typically follows around 160 days after the block reward halving. With 126 days having passed since the last halving, the analyst suggests a high probability of a breakout in a little over a month. What Is the $60,000 Threshold Significance? Rekt Capital pointed out the high likelihood of Bitcoin breaking out of its current trading range within the next month. He emphasized that the largest cryptocurrency could exit this range soon, urging investors to be vigilant about potential declines. “It is very important not to underestimate these declines because we might be exhausting these downward deviations,” he warned. According to Rekt Capital, Bitcoin is expected to reclaim the $60,000 level as support on the weekly chart before entering the parabolic rally. He remarked, “We are very close, very close to a potential breakout. We only have this short period left, and this tells us that we will enter the parabolic phase of this cycle within a month or a little more.” Key Takeaways for Investors Here are some actionable insights for investors based on Rekt Capital’s analysis: Monitor the 160-day post-halving period closely for signs of a breakout. Be cautious of…

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Filed under: News - @ August 22, 2024 11:27 am