Following analysts believe that Bitcoin (BTC) is currently holding its value while gearing up for a parabolic move.
In a new video update on YouTube, pseudonymous analyst Recto Capital tells his 70,600 subscribers that he expects the King cryptocurrency to reach new highs soon, based on historical precedent. Therefore, Bitcoin's current value may not last long.
“This re-accumulation range at this high point is [around $70,000] It's just noise, preparing for a bigger movement.
And it's not a question of “if” but “when,” and it's also a question of time. Because the more consolidation we can do here, the more opportunities we have to buy on the dip before we inevitably embark on a nice move to the upside. Therefore, any pullback or consolidation here would be a last-ditch buying opportunity before a parabolic rally.
Historically, that parabolic top should occur after the halving, and weeks or even months after the halving. ”
The trader also noted that the parabolic rally that typically occurs after a Bitcoin halving event could occur earlier than usual this cycle due to the impact of the spot Bitcoin exchange-traded fund (ETF) launched in January. It suggests that there is. Bitcoin has already hit new highs this cycle, ahead of historical price patterns.
“Once these old highs are surpassed, we will enter a period of price discovery and parabolic rally, with the pre-halving and re-accumulation phases being significantly shortened and reaching new highs.” Highs This has never happened before, and it makes sense since we're seeing ETFs influence price movements. ”
At the time of writing, Bitcoin was trading at $69,983, down more than 1% in the past 24 hours.
Never miss a beat – Subscribe to get email alerts delivered straight to your inbox
Check price action
follow me twitterFacebook and Telegram
Surf the Daily Hoddle Mix
 
Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should perform due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that transfers and transactions are made at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets. The Daily Hodl is also not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated image: DALLE3
