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

dailyhodl.com 22 August 2024 09:20, UTC

A crypto analyst and trader believes that a “monumental breakout” is just around the corner for Bitcoin (BTC).

The analyst pseudonymously known as Rekt Capital tells his 82,400 YouTube subscribers that Bitcoin may be about to enter the parabolic phase of the market cycle based on historical precedence.

“And when it comes to breaking out from this re-accumulation phase we tend to see breakouts from here 160 days after the halving. We’re currently around 126 days after the halving. So that just gives us a month, over a month, before we finally see a potential scenario for breaking out beyond this re-accumulation range high.”

The analyst says that Bitcoin is likely to break out of the current trading range as soon as next month.

“But it’s really important not to take these [dips] for granted, because we might be running out of those downside deviations because we’re 126 days after the halving, getting close to that potential historical breakout in September, early October.”

The analyst also says that based on historical precedence Bitcoin will likely reclaim the $60,000 level as support on the weekly chart before a parabolic rally.

“We’re very close to potential breakout. We only have this sliver of time left, and that translates to a month, just over a month, getting us closer to this parabolic phase in the cycle. We’re very close, getting very close to a monumental breakout, a historic breakout, but first of all, we need to reclaim the bottom of this range.”