Bitcoin has reached a significant milestone over the weekend, with its first-ever daily close above $100,000. This has sparked excitement among traders and analysts, with one popular analyst suggesting that BTC is on the cusp of a parabolic upside burst. Rekt Capital, a well-known trader in the crypto space, shared his insights with his massive following of over 500,000 on X.
Rekt Capital believes that Bitcoin is just beginning its parabolic phase in the current cycle. Drawing on historical price patterns, he predicts that this phase could last around 300 days, with Bitcoin currently only on day 34 of this surge. Despite trading at $96,862 at the time of writing, Rekt Capital remains optimistic about the potential for further gains in the coming months.
In addition to his analysis of Bitcoin, Rekt Capital is closely monitoring the altcoin market, particularly the OTHERS chart. This chart tracks the market capitalization of all cryptocurrencies excluding the top 10 coins and stablecoins. Rekt Capital notes that the market cap of OTHERS has encountered resistance around $425 billion. However, he believes that this resistance level will eventually be broken, leading to further upside potential for altcoins.
As for the current state of the altcoin market, OTHERS is currently trading at $359.221 billion. Despite facing some resistance, Rekt Capital remains confident that this hurdle will be overcome in due time. With progress expected to accelerate in the parabolic phase, altcoin investors may see increased opportunities for growth in the near future.
For those looking to stay updated on the latest developments in the crypto market, subscribing to email alerts or following reputable sources on social media platforms like X, Facebook, and Telegram can provide valuable insights. As the market continues to evolve, staying informed and being proactive can help investors navigate the ever-changing landscape of digital assets.
In conclusion, Bitcoin’s recent milestone and the potential for a parabolic surge have generated excitement among traders and analysts. With historical patterns and technical analysis pointing towards further gains, investors are keeping a close eye on the market for opportunities to capitalize on the current trends. Stay informed, stay vigilant, and embrace the potential for growth in the dynamic world of cryptocurrencies.