A well-known cryptocurrency analyst believes that Bitcoin (BTC) is on the brink of a major breakthrough, based on historical trends. Rekt Capital, the trader who prefers to remain anonymous, shares with his large following on the social media platform X that BTC has typically broken out from its accumulation range 154-161 days after its halvings. Currently, it has been 157 days since the last halving, leading Rekt Capital to conclude that it is “Breakout Time” for Bitcoin.

The analyst suggests that based on historical patterns, BTC will now enter its “Parabolic Upside phase.” Additionally, Rekt Capital points out that according to standard halving cycles, the current Bitcoin cycle is only 44.8% complete within the ongoing bull market.

Rekt Capital highlights that BTC has convincingly broken a series of lower highs, stating that Bitcoin needed to close above approximately $61,900, which was represented by the downtrend. Surpassing this level, Bitcoin closed much higher, signifying the end of the downtrend. However, the analyst notes that there is still a possibility for Bitcoin’s price to retest the old downtrend and turn it into new support, fully confirming the breakout. To do so, the price would need to drop to around $61,300.

At the time of writing, BTC is trading at $64,539, showing a nearly 2% increase in the past 24 hours. As the top-ranked cryptocurrency by market capitalization, Bitcoin continues to exhibit strong performance.

Disclaimer: The opinions expressed in this article are not investment advice and readers should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrencies, or digital assets. It is important to note that all transfers and trades are done at one’s own risk, and any losses incurred are the individual’s responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor is it an investment advisor.