Bitcoin is on the brink of entering a ‘parabolic phase,’ according to renowned crypto expert Rekt Capital. However, the analyst cautions that investors must wait for the reaccumulation period to conclude before expecting significant gains.
In the latest newsletter, Rekt Capital detailed Bitcoin’s current market situation and its imminent future. The expert explained that Bitcoin entered a reaccumulation range after the recent halving event. Since then, its price has fluctuated between $60,000 and $71,500. This reaccumulation range indicates a period where the market is consolidating before a potential major move.
The analyst described Bitcoin’s movement within this range as “sinusoidal consolidation.” The price has been bouncing between the lower and upper limits, showing a consistent pattern. A critical aspect of Bitcoin’s current market position is its strong support at the previous all-time high resistance area. For the past five months, this level has been successfully retested as support, highlighting its importance as a price floor.
Several indicators suggest a potential shift in Bitcoin’s trend. The formation of a new higher low against the support area is one such sign. Bitcoin is also challenging for a new higher high, which could invalidate the series of lower highs observed since the local top earlier this year. These elements, according to Rekt Capital, are “ingredients for a shifting in the trend” and could signal major changes in Bitcoin’s price action.
Investors are advised to monitor these developments closely. While the signs point to a bullish future for Bitcoin, patience is key. The reaccumulation phase needs to end before the anticipated parabolic phase begins. This caution is crucial to avoid premature investments that could lead to losses.
Bitcoin’s market is poised for a significant upward move, but timing is everything. The expert analysis suggests that once the current phase concludes, Bitcoin could see substantial gains, marking an exciting period for investors and the broader cryptocurrency market.
