Bitcoin Is Poised for an Unprecedented Breakout, Claims Cryptocurrency Analyst – Here’s What It Implies
A notable crypto analyst suggests that Bitcoin (BTC) could be on the verge of a remarkable rally, drawing parallels with previous historical trends. Rekt Capital, a pseudonymous trader, recently shared with his large following on X that Bitcoin might soon enter a phase in the market cycle similar to the one that led to substantial gains in 2020 and 2021.
According to the analyst, Bitcoin is on the brink of an extraordinary breakout. If the cryptocurrency confirms this breakout and enters the “parabolic phase” observed in previous cycles, it would do so at a faster pace compared to previous post-halving re-accumulation breakouts. This potential milestone has the potential to make history, not only due to the entrance into the parabolic phase but also as the quickest one after a halving event.
Furthermore, the analyst believes that a parabolic Bitcoin would ignite a surge in altcoin prices by injecting additional capital into the overall crypto market. This, in turn, could fuel a hype cycle for altcoins in the second quarter.
As of the time of writing, Bitcoin is trading at $69,208, experiencing a slight decline of over 1% within the last 24 hours.
In addition to Bitcoin, the analyst also shares insights on the performance of dogwifhat (WIF). The trader warns that WIF’s bullish trend could be in jeopardy if it fails to maintain a crucial trendline as support. This trendline has been instrumental in supporting WIF’s price since early March, acting as a vital component in ensuring its continued uptrend. Any breach of this trendline, particularly when WIF fails to break resistance levels or retest support levels, could signal a potential end to the memecoin’s bullish trend.
Currently, WIF is being traded at $2.93, witnessing a decline of 9.27% in the last 24 hours.
Overall, this analysis suggests that Bitcoin is on the brink of an unprecedented breakout, with potential implications for the wider crypto market.