Bitcoin at Point of Cycle Right Before Parabolic Expansion, According to Crypto Analyst
dailyhodl.com 29 July 2024 13:25, UTC Widely followed crypto analyst Rekt Capital is suggesting that Bitcoin (BTC) is at a point in its market cycle that has historically preceded massive moves to the upside.
The pseudonymous analyst tells his 483,000 followers on the social media platform X that BTC is at a major turning point that has unfolded in previous chapters of Bitcoin’s history.
Rekt Capital’s chart suggests that BTC goes parabolic right after convincingly breaking through the previous all-time high.
“BTC.
We are here (green circle).”
After a bounce off of the $65,000 mark, the analyst says that Bitcoin has officially confirmed the level as support, and will now look toward forming a range between there and the $71,000 point.
“BTC.
The retest was successful.
Bitcoin has confirmed $65,000 as support.
Price will now continue to occupy the $65,000-$71,500 region (red)”.
At time of writing, Bitcoin is trading for $68,946.
Looking at the altcoin market, Rekt Capital is also watching Ethereum (ETH) rival Solana and is anticipating that SOL will revisit the $202 mark after printing a “successful” tag of support.
“SOL.
Looks like the Solana retest was successful.
Continue to hold this red area as new support and SOL will be able to at least revisit the $202 resistance over time.”
At time of writing, SOL is worth $189.08.
Generated Image: DALLE3
