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...