A widely followed trader and analyst is leaning bullish on Bitcoin (BTC) amid a double-digit rally over the past month.
The trader pseudonymously known as Rekt Capital tells his 512,900 followers on the social media platform X that Bitcoin “has only just begun its parabolic phase in the cycle.”
According to the pseudonymous trader, Bitcoin has typically stayed in the parabolic phase for approximately 300 days on average in every cycle.
“Bitcoin is only on day 16 of its parabolic phase.”
Bitcoin is trading at $97,465 at time of writing, up by around 45% over the past 30 days.
On when a correction could occur based on historical precedent, the widely followed analyst says,
“In the 2017 cycle, it took eight weeks of upside into price discovery before BTC experienced any sort of deeper pullback
In the 2020/2021 cycle, BTC rallied four weeks into price discovery before a deeper pullback.
We’re only halfway through week three right now.”
Rekt Capital also says that Bitcoin will top out when least expected.
“The macro BTC top will occur when no one mentions it even being a possibility.”
Turning to Ethereum, Rekt Capital says the second-largest crypto asset by market cap is flashing a bullish signal on the weekly time frame.
“Ethereum is currently breaking out from its short-term bull flag.
A confirmed breakout would see ETH revisit the ~$3,700 resistance above.”
Ethereum is trading at $3,346 at time of writing, up by around 28% over the past 30 days.
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Generated Image: Midjourney
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