A cryptocurrency analyst and trader says Bitcoin (BTC) is entering the final phase of the current bull cycle.
The analyst and trader pseudonymously known as Rekt Capital tells his 115,000 YouTube subscribers that Bitcoin is on the cusp of a parabolic rally.
Rekt Capital, however, says that in the potential incoming rally, Bitcoin could see a relatively muted bullish move relative to other cycles.
“And so price discovery uptrend number three, maybe it’s not going to be as parabolic as it once was in the cycle simply because of what we’re seeing from the data. Maybe the maturity of the cycle and obviously the diminishing returns that we see, we’re not going to see as parabolic an upside over here. But we will probably still see new all-time highs going forward simply because we still have a bit of time.”
On when Bitcoin could hit a new all-time high to end the bull cycle, Rekt Capital says,
“If we’re going to repeat 2017 history, then we’ll be peaking right now as we speak. But if we’re repeating 2021 history, then mid-October would be that goal post.
But at the same time, if we’re seeing expanded cycles naturally occurring in the halving cycles and we only have two data points really that we can rely on and there is a 30-day period or delta between these. If we do see 30 extra days take place, then that would get us into mid-November overall.”
Bitcoin is trading at $116,132 at time of writing.
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