Bitcoin witnessed its first-ever daily close above $100,000 over the weekend, and one popular analyst believes that BTC is in the early stages of a parabolic upside burst.
The pseudonymous trader known as Rekt Capital tells 519,900 followers on the social media platform X that Bitcoin tends to undergo steep rallies after entering bull territory.
According to the crypto strategist, Bitcoin may have nine months or so before ending its parabolic surge based on historical price patterns.
“BTC has only just begun its parabolic phase in the cycle.
Historically, this phase has lasted on average ~300 days.
Bitcoin is only on day 34 of its parabolic phase.”
Bitcoin is trading at $96,862 at time of writing. The top-ranked crypto asset by market cap is down more than 1% in the past 24 hours.
Rekt also estimates that BTC is 55% of the way through its current bull market.
“Progress will speed up in the parabolic phase.”
Looking at the altcoin market, Rekt Capital says he’s closely watching the price action of the OTHERS chart, which tracks the market capitalization of all crypto assets excluding the 10 largest coins and stablecoins.
According to Rekt, OTHERS may have succumbed to a resistance level at around $425 billion but he thinks that the trouble area will be shattered in time.
“Altcoin market cap has rejected from this historical point of rejection
But keep in mind – this is likely going to be a much shallower retrace to demonstrate that $425 billion is weakening as a resistance.”
At time of writing, OTHERS is trading at $359.221 billion.
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Featured Image: Shutterstock/singpentinkhappy/Nikelser Kate