Bitcoin Is on the Cusp of a ‘Historic Breakout,’ According to Crypto Analyst – Here’s What He Means

By The Daily Hodl June 09, 2024 In Bitcoin
Source: Rekt Capital/X

A widely followed crypto analyst believes Bitcoin (BTC) may be just days away from an explosive rally based on historic precedence.

Pseudonymous crypto trader Rekt Capital tells his 475,500 followers on the social media platform X that Bitcoin could soon enter a phase of the market cycle that in 2020 and 2021 saw massive gains.

“Bitcoin is on the cusp of a historic breakout.”

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Source: Rekt Capital/X

The analyst says if Bitcoin confirms a breakout into the historic “parabolic phase” of the cycle, it will have come earlier than in past cycles.

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“Bitcoin could soon make history. Not just because a breakout from this re-accumulation range would enable price to enter the parabolic phase of the cycle. But also because it would be the fastest post-halving re-accumulation breakout of all time.”

The analyst also believes a parabolic Bitcoin would send altcoins soaring as a result of increased market liquidity.

“A BTC breakout would inject necessary capital into the entire crypto market, fueling a Q2 altcoin hype cycle.”

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Source: Rekt Capital/X

Bitcoin is trading for $69,208 at time of writing, down more than 1% in the last 24 hours.

The analyst also weighs in on dogwifhat (WIF). He if WIF fails to hold a key trendline as support, it could signal the end of the memecoin’s bullish trend.

“This technical uptrend has supported price since early March and is the most important trendline for WIF at this time; this diagonal needs to continue holding to ensure the technical uptrend remains intact. This trendline has been revisited every time WIF has either failed to break the blue level [at $3.04] as resistance or most recently, when WIF failed to retest the blue level as support.”

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WIF is trading for $2.93 at time of writing, down 9.27% in the last 24 hours.

Generated Image: DALLE3

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