Crypto enthusiasts are eagerly anticipating a potential parabolic rally for Bitcoin, as suggested by a prominent crypto strategist who accurately predicted Bitcoin’s correction last year. Rekt Capital, a pseudonymous analyst with a significant following on social media, believes that Bitcoin is currently in week 14 of its price discovery phase, a bullish stage that commenced after Bitcoin surpassed its previous all-time high in late 2020.
Drawing insights from historical data, Rekt Capital points out that Bitcoin may be on the cusp of embarking on its next upward trajectory. In a recent tweet, the analyst compared the current situation to previous cycles, stating, “In Week 14 of the 2017 cycle, Bitcoin was recovering from its first Price Discovery Correction only to make new highs in Week 16. In Week 14 of the 2021 cycle, Bitcoin was still just bottoming on its first Price Discovery Correction only to make new highs in Week 16. It’s Week 14 right now.”
Rekt Capital advises traders to hold onto their Bitcoin holdings during the upcoming weeks, as patience could pay off handsomely. The analyst suggests, “Weeks 14-15 = Patiently HODL (hold on for dear life). Weeks 16+ = Optimistic On Confirmation Of The 2nd Price Discovery Uptrend.”
Furthermore, Rekt Capital remains bullish on the long-term prospects of the Bitcoin bull market, highlighting that the current parabolic phase is still in its early stages. With historical data indicating that this phase typically lasts around 300 days, Bitcoin is only on Day 82 of its Parabolic Phase, suggesting that there is plenty of room for growth ahead.
As of the latest update, Bitcoin is trading at $101,163, with market participants eagerly awaiting the potential rally that Rekt Capital has forecasted. With the cryptocurrency market showing signs of resilience and potential for further upside, investors are keeping a close eye on Bitcoin’s price action.
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In conclusion, the crypto community remains optimistic about Bitcoin’s future prospects, with experts like Rekt Capital providing valuable insights and analysis to guide investors through the volatile market conditions. As Bitcoin continues its price discovery journey, traders are advised to stay patient and optimistic, as the potential for a parabolic rally looms on the horizon.