A notable analyst who pinpointed Bitcoin's pullback earlier this year says BTC could soon enter the explosive phase of the market cycle.
In a video update, pseudonymous analyst Recto Capital told his 91,000 YouTube subscribers that Bitcoin will break through the top of its trading range and hit a new all-time high (ATH) in the coming weeks. He said it is possible.
“We are retesting this [$60,000 level] For several weeks in a row, we are trying to position towards higher prices. [of around $71,000] here.
And of course we have a series of low highs that we have to fight against, but once we break through those series of lows, and we're likely to do that in the next few weeks, then we actually do this. All important resistances will be reconsidered. [at the low $70,000s] We are faced with the challenge of eventually moving from the reaccumulation phase to the parabolic phase of the cycle. ”
The analyst also suggested that based on previous cycles, Bitcoin could reach the cycle top around March 2025, 330 days after the April 2024 halving event when miners' rewards were halved. I am doing it.
“250 days after the all-time high would be the earliest we would consider exiting the market, and that moment would probably come at most 330 days after the halving.
So overall there will be an 80-day period where holding digital assets is very risky, but that's a story for another day. This is because it has not yet reached its all-time high. But that's just a story. It's just a matter of time. ”
At the time of writing, Bitcoin was trading at $65,906, up 5.41% in the past 24 hours.
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