Bitcoin saw its first-ever daily close above $100,000 over the weekend, and one popular analyst believes that BTC is in the early stages of a parabolic bullish surge.
The pseudonymous trader known as Rekt Capital told 519,900 followers on social media platform
According to the crypto strategist, Bitcoin could have around nine months before ending its parabolic surge based on historical price patterns.
“BTC has just started its parabolic phase in the cycle.
Historically, this phase lasted on average around 300 days.
Bitcoin is only on the 34th day of its parabolic phase.
Bitcoin is trading at $96,862 at the time of writing. The top-ranked crypto asset by market capitalization is down more than 1% in the past 24 hours.
Rekt also estimates that BTC has traveled 55% of its current bull market.
“Progress will accelerate in the parabolic phase.”
Regarding the altcoin market, Rekt Capital says it is closely monitoring the price action of the OTHERS chart, which tracks the market capitalization of all crypto assets, excluding the 10 largest coins and stablecoins .
According to Rekt, OTHERS may have succumbed to a resistance level around $425 billion, but he believes the problem area will be broken over time.
“Altcoin Market Cap Rejected This Historic Rejection Point
But keep in mind that this will likely be a much shallower retracement to demonstrate that $425 billion is weakening as resistance.
At the time of writing, OTHERS is trading at $359.221 billion.
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Featured image: Shutterstock/singpentinkhappy/Nikelser Kate
