A crypto strategist who accurately called Bitcoin’s correction last year thinks BTC is close to sparking a parabolic rally based on historical precedence.
Pseudonymous analyst Rekt Capital tells his 533,100 followers on the social media platform X that Bitcoin is in week 14 of its price discovery phase – a bull market stage that began when Bitcoin eclipsed its previous cycle’s all-time high late last year.
[adinserter block="1"]According to the trader, historical data suggests that BTC may be a couple of weeks away from starting its next leg up.
“In Week 14 of the 2017 cycle, Bitcoin was recovering from its first Price Discovery Correction only to make new highs in Week 16.
In Week 14 of the 2021 cycle, Bitcoin was still just bottoming on its first Price Discovery Correction only to make new highs in Week 16.
It’s Week 14 right now.”
Rekt Capital notes that traders who refuse to unload their BTC stack amid the correction will likely be rewarded in the coming weeks.
“Based on this data, here is how to approach these upcoming weeks in Price Discovery when it comes to Bitcoin:
Weeks 14-15 = Patiently HODL (hold on for dear life)
Weeks 16+ = Optimistic On Confirmation Of The 2nd Price Discovery Uptrend.”
The trader also highlights that he thinks the Bitcoin bull market has a long way to go.
“It is still relatively early on in the BTC Parabolic Phase of this cycle.
Historically, this phase has lasted on average ~300 days.
Bitcoin is on Day 82 of its Parabolic Phase.”
At time of writing, Bitcoin is trading at $101,163.
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