An analyst who nailed Bitcoin’s pre-narcotic correction last year believes BTC is about to enter another explosive phase of the market cycle.
The analyst pseudonym known as Rekt Capital tells Its 105,000 YouTube subscribers that based on historical precedence, Bitcoin may have a huge breakout soon, after the recent correction.
However, he warns that a severe correction could follow the next major rally based on Bitcoin’s usual cycle patterns.
“We are about to enter another parabolic phase in the cycle. That second price discovery that will take us into price discovery and new all-time highs. And then of course we’re going to have to prepare for that price discovery correction again… it’s going to last several weeks and there’s a good chance it’s going to be deeper than this 17% pullback we saw…
That second price discovery correction could be very different, it could be so much deeper and I’m sure it’s going to capitulate a lot of retail investors in the market. “
The trader also expects Bitcoin to enter a third price discovery phase after the potential severe correction based on previous cycles.
“It probably won’t be the end of the cycle, and we’re still aware of that third price discovery. So if we just look, generally, in this market cycle, where are we roughly, are we in the parabolic phase of the cycle. And if we look at where we are month-to-month, we are in the third month of price discovery in the parabolic phase of the cycle. ”
Bitcoin is trading at $104,565 at the time of writing.
https://www.youtube.com/watch?v=98kkimsyobi
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