Renowned crypto analyst predicts that Bitcoin (
BTC
) is on the verge of a major price surge, drawing on historical data to support his claim.
Using the pseudonym Rekt Capital, the crypto trader shares his insights with his 475,500 followers on the social media platform X, suggesting that Bitcoin may be gearing up for a significant rally, similar to the ones witnessed in 2020 and 2021.
“Bitcoin is on the brink of a breakthrough moment.”
The analyst points out that if Bitcoin manages to break into the historical “parabolic phase” of the market cycle, it would be earlier than in previous cycles.
“Bitcoin is on the brink of creating history. Not only would a breakout from the current re-accumulation range pave the way for a parabolic phase, but it would also mark the quickest post-halving re-accumulation breakout ever.”
In addition, the analyst predicts that a parabolic Bitcoin surge could drive up the prices of altcoins due to increased market liquidity.
“A Bitcoin breakout could infuse much-needed capital into the entire crypto market, sparking a second-quarter altcoin frenzy.”
At the time of writing, Bitcoin is trading at $69,208, experiencing a slight decline of over 1% in the last 24 hours.
The analyst also comments on the performance of dogwifhat (
WIF
), cautioning that a failure to maintain a crucial trendline as support could signal the end of the memecoin’s bullish trend.
“This particular upward trend has been supporting the price since early March and is currently the most critical trendline for WIF; its continued support is essential to sustain the upward momentum. This trendline has been revisited each time WIF has struggled to surpass the $3.04 resistance level or, most recently, when it failed to retest that level as support.”
Currently, WIF is trading at $2.93, reflecting a 9.27% decrease in the last 24 hours.
For the latest updates, subscribe to receive email alerts directly to your inbox and stay informed on price action by following us on X, Facebook, and Telegram.
Remember to exercise caution and conduct thorough research before engaging in high-risk investments in Bitcoin, cryptocurrency, or digital assets. Your financial decisions are your own responsibility, and any potential losses incurred are on you. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it serve as an investment advisor. Please be aware that The Daily Hodl engages in affiliate marketing.
Image Source: DALLE3