Bitcoin at Point of Cycle Right Before Parabolic Expansion, According to Crypto Analyst

Widely followed crypto analyst Rekt Capital is suggesting that Bitcoin (BTC) is at a point in its market cycle that has historically preceded massive moves to the upside.

The pseudonymous analyst tells his 483,000 followers on the social media platform X that BTC is at a major turning point that has unfolded in previous chapters of Bitcoin’s history.

Rekt Capital’s chart suggests that BTC goes parabolic right after convincingly breaking through the previous all-time high.

“BTC.

We are here (green circle).”

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Source: Rekt Capital/X

After a bounce off of the $65,000 mark, the analyst says that Bitcoin has officially confirmed the level as support, and will now look toward forming a range between there and the $71,000 point.

“BTC.

The retest was successful.

Bitcoin has confirmed $65,000 as support.

Price will now continue to occupy the $65,000-$71,500 region (red)”.

Image
Source: Rekt Capital/X

At time of writing, Bitcoin is trading for $68,946.

Looking at the altcoin market, Rekt Capital is also watching Ethereum (ETH) rival Solana and is anticipating that SOL will revisit the $202 mark after printing a “successful” tag of support.

“SOL.

Looks like the Solana retest was successful.

Continue to hold this red area as new support and SOL will be able to at least revisit the $202 resistance over time.”

Image
Source: Rekt Capital/X

At time of writing, SOL is worth $189.08.

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