Crypto expert Rekt Capital thinks Bitcoin is about to enter a ‘parabolic phase’. But the expert warns investors need to wait for the reaccumulation to be over before that happens.
In his latest newsletter, the expert gave a detailed explanation of Bitcoin’s current market situation and where it’s going soon.
What you'll learn 👉
Reaccumulation Range: Understanding the Market
Based on the analyst, Bitcoin entered a reaccumulation range after halving. This has made its price hover majorly between $60,000 and $71,500.
The expert notes that Bitcoin has been going through a “sinusoidal consolidation” within this range for a while, bouncing between the lower and upper limits.
A crucial aspect of Bitcoin’s current market position is its consistent support at the previous all-time high resistance area. Rekt Capital points out that this level has been successfully retested as support for the past five months, demonstrating its significance as a price floor.
Signs of Trend Shift
The analyst identifies several key indicators suggesting a potential shift in Bitcoin’s trend:
- Formation of a new higher low against the support area
- Bitcoin challenging for a new higher high
- Potential invalidation of the series of lower highs since the local top earlier this year
Rekt Capital argues that these elements are “ingredients for a shifting in the trend” and could precede major changes in Bitcoin’s price action.
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Patience is Key: Reaccumulation Precedes Parabolic Growth
While the outlook appears bullish, Rekt Capital cautions investors against premature excitement. He emphasizes that Bitcoin is currently in the reaccumulation phase, which must play out before the anticipated parabolic phase can begin.
The analyst also advises investors to not give up during the ongoing consolidation. He is confident that such patience will be rewarded when the market eventually starts to experience an explosive rally.
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