A closely followed crypto strategist believes that Bitcoin (BTC) will soon make a parabolic move similar to prior market cycles.
Pseudonymous analyst Rekt Capital tells his 389,700 followers on the social media platform X that he believes Bitcoin’s price pattern will follow similar phases from prior halving years, including 2020 and 2016.
The next halving event is expected in April when miners’ rewards are cut in half.
According to the trader, Bitcoin’s price action is likely to go through three distinct phases before the parabolic phase four.
“Entry requirements to the Bitcoin parabolic uptrend (green):
• Survive this current pullback (orange)
• Survive the Pre-Halving retrace (dark blue circle)
• Survive Post-Halving Re-Accumulation (red) Easy enough? Let’s go.”
The analyst also warns that Bitcoin may undergo a significant correction leading up to the halving event, similar to the before halving years.
“If you’re sick of this current downside on Bitcoin, wait until around the halving event itself when price experiences another minimum -20% downside.”
Bitcoin is trading for $40,167 at time of writing, up slightly in the last 24 hours.
The analyst also updates his outlook on the altcoin market. He predicts that the total market cap for alts, excluding the top 10 digital assets by market cap, needs to hold a key level of around $189 billion on a weekly close basis for alts to continue an uptrend.
“For altcoin market cap to keep trending up it needs to hold the current black triangular market structure. Currently testing the base of it for support. Downside wicks below it are allowed but needs to hold for a chance at uptrend continuation.”
The current total market cap excluding the top 10 digital assets is valued at $187.68 billion at time of writing.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/d3verro
Source: https://dailyhodl.com/2024/01/24/analyst-says-parabolic-uptrend-for-bitcoin-approaching-updates-outlook-on-altcoin-markets/