Analyst Says Parabolic Uptrend Approaching for Bitcoin, Updates Outlook on Altcoin Markets
A closely followed crypto strategist believes Bitcoin (BTC) will soon make a parabolic move, similar to previous market cycles.
The pseudonymous analyst Rekt Capital tells his 389,700 followers on the social media platform
The next halving is expected in April, when miners' rewards will be halved.
According to the trader, Bitcoin's price action is likely to go through four different phases before the parabolic phase.
“Entry requirements for Bitcoin’s parabolic uptrend (green):
• Survive this current pullback (orange)
• Surviving the pre-halving retracement (dark blue circle)
• Surviving reaccumulation after halving (red) Is it easy? Let's go.”
Source: Rekt Capital/X
The analyst also warns that Bitcoin could undergo a significant correction in the lead-up to the halving, similar to the years leading up to the halving.
“If you are tired of this current downtrend in Bitcoin, wait until the price experiences another downtrend of at least -20% around the halving itself.”
At the time of writing, Bitcoin is trading at $40,167, up slightly in the last 24 hours.
The analyst also updates his outlook on the altcoin market. He predicts that for alts to continue their upward trend, the total market cap for alts, excluding the top ten digital assets by market cap, must maintain a key level of approximately $189 billion on a weekly closing basis.
“For altcoin market caps to continue to rise, the current black triangle market structure must be maintained. Currently testing the base of it for support. Downside wicks below are allowed, but must be held to have a chance of continuing the uptrend.”
The current total market cap excluding the top 10 digital assets is estimated at $187.68 billion at the time of writing.
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