A seasoned crypto market analyst, known for accurate predictions, has suggested that Bitcoin (BTC) is poised for a parabolic move akin to previous market cycles. The analyst, who goes by the pseudonym Rekt Capital, shared on social media that Bitcoin’s price pattern is likely to follow similar stages as seen in past halving years, including 2020 and 2016.
The next halving event, which will cut miner rewards in half, is expected in April. According to the analyst, Bitcoin’s price movement is likely to undergo three distinct stages before entering its fourth parabolic phase. The requirements for Bitcoin to start the parabolic rise include successfully emerging from the current pullback and surviving post-halving reaccumulation.
The analyst also warned that Bitcoin could undergo a significant correction similar to pre-halving years, potentially experiencing a further decline of at least 20% before the halving event. At the time of writing, Bitcoin had seen a slight increase over the last 24 hours, trading at $40,167.
Updating his views on the altcoin market, the analyst suggested that for altcoins to continue their upward trend, the total market value, excluding the top 10 cryptocurrencies by market cap, should maintain a critical level around $189 billion on a weekly closing basis. He concluded that the altcoin market cap needs to preserve its current triangular market structure to keep rising, currently testing its support base, allowing downward wicks but requiring a hold for the uptrend to persist.
