Bitcoin Breaks Downtrend, Analyst Predicts Parabolic Expansion
A well-known crypto analyst, Rekt Capital, has recently shared insights on Bitcoin’s price action, indicating a significant breakthrough in its downtrend. With strong price movement, BTC has successfully broken a diagonal resistance and transformed it into a support level above $85,000.
Breaking the Downtrend
Rekt Capital highlighted that Bitcoin not only broke the downtrend but also maintained its position above it for several consecutive days. This successful retest of support marks a crucial turning point for BTC’s price trajectory.
Entering the “Banana Zone”
Rekt Capital also suggested that Bitcoin is likely in the initial corrective stage of the “Banana zone,” a phase of parabolic expansion following the surpassing of previous cycle highs. This phase typically precedes a surge to new all-time highs before entering a final corrective phase towards the peak of the bull market.
According to Rekt Capital, the price action of Bitcoin during the transition to new all-time highs can be volatile, leading to two corrective periods in the price discovery process. Despite potential bumps along the way, the analyst remains optimistic about BTC’s upward potential.
As of the latest update, Bitcoin is trading at $87,523, reflecting the positive momentum and market sentiment surrounding the leading cryptocurrency.
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