An analyst who nailed Bitcoin’s pre-halving correction last year believes BTC is about to enter another explosive phase of the market cycle.
The analyst pseudonymously known as Rekt Capital tells his 105,000 YouTube subscribers that based on historic precedence, Bitcoin may soon have a massive breakout, following the recent correction.
[adinserter block="1"]However, he warns that a severe correction may follow the next big rally based on Bitcoin’s usual cycle patterns.
“We’re on the cusp of entering a parabolic phase in the cycle once again. That second price discovery uptrend that’s going to get us into price discovery and to new all-time highs. And then of course we’re going to have to prepare for that price discovery correction once again… It’s going to last multiple weeks and chances are it’s going to be deeper than this 17% pullback that we saw…
That second price discovery correction could be very different, it could be that much deeper and I’m sure it’s going to capitulate a lot of retail investors in the market.”
The trader also expects Bitcoin will enter a third price discovery phase after the potential severe correction based on prior cycles.
“It most likely won’t be the end of the cycle overall, and we’ll still have that third price discovery uptrend ahead. So if we just look, generally speaking, in this market cycle, where are we at approximately, we’re in the parabolic phase of the cycle. And if we’re looking at where we are month-wise, we’re in the third month of the price discovery uptrend in the parabolic phase of the cycle.”
Bitcoin is trading for $104,565 at time of writing.
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