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Bitcoin Very Close to a ‘Monumental Breakout,' Says Crypto Strategist and Trader – Here's His Outlook


Historical Precedence of Parabolic Phases

Rekt Capital points out that in the past, Bitcoin has gone through three major parabolic phases - in 2011, 2013, and 2017. Each time, the price of Bitcoin saw a sharp rise and reached new all-time highs. The analyst believes that Bitcoin is now ready to enter its fourth parabolic phase, indicating a potential price surge in the near future.

Technical Analysis of Bitcoin’s Current Market

Rekt Capital also mentions that Bitcoin has been trading within a descending wedge pattern, which is a bullish chart formation. The lower trend line of this pattern has been tested multiple times, indicating that a breakout is imminent. The analyst also notes that the 50-day and 200-day moving averages are about to cross, which is a bullish signal known as the “golden cross.” This further supports the idea of a potential breakout for Bitcoin.

Impact of Current Market Trends

The analyst also points out that the recent surge in institutional interest and investment in Bitcoin, including companies like MicroStrategy and Square, is a strong indicator of a bullish market. In addition, the fear of missing out (FOMO) among retail investors and the upcoming Bitcoin halving event in 2024 could also contribute to a potential price surge.

With all these factors in play, many in the crypto community are using the hashtags #Bitcoin, #BullMarket, and #Crypto to express their excitement and anticipation for a potential monumental breakout. Crypto tickers such as $BTC and $BTCUSD are also seeing increased activity and volume as traders and investors closely monitor the market for any signs of a breakout. Only time will tell if Bitcoin will indeed enter its fourth parabolic phase, but for now, all eyes are on the market as the excitement and speculation continue to grow.


Sentiment Result : Positive

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