An analyst who nailed Bitcoin’s pre-halving correction last year is warning that BTC‘s current bull market cycle may be nearing an end soon.
The analyst pseudonymously known as Rekt Capital tells his 108,000 YouTube subscribers that based on historical precedence, Bitcoin may reach a cycle peak within just a few months.
“If we’re talking about September, October, with it just being July now – July, August, September, and then October – that’s already two to three months, potentially, that we have left in this bull market.”
The analyst says that based on other market cycles, Bitcoin is probably about 88% of the way through its current bull run, meaning that risk is asymmetrically skewed to the downside for BTC.
“If we’re thinking about this being the entire cycle that we’ve already seen in terms of upside, from bear market bottom to bull market top, and potentially this additional upside, potentially over a period of two to three months extra, then it just showcases to us that maybe we have a very small sliver of time and price expansion left versus the price expansion and time that we’ve already seen elapse over the course of this cycle, which comes down to that 88% figure.”
Looking at his chart, the trader suggests Bitcoin may soar somewhere near $140,000 before reaching the cycle’s high.
Rekt Capital notes that some analysts are suggesting this cycle may be different from prior ones and run for longer, but such theories will have to be tested when the time is right.
Bitcoin is trading for $109,463 at time of writing, up 3.1% in the last 24 hours.
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