Is There Going To Be A Massive Breakout In Bitcoin? According to these analysts, yes

Is There Going To Be A Massive Breakout In Bitcoin? According to these analysts, yes

The price swings of Bitcoin have signaled the pulse of the cryptocurrency industry and the attitudes of the community. While some experts are optimistic that the surge is set to stall, others predict that the leading cryptocurrency is just about to soar to greater heights.

Next Stop: The "Parabolic Upside" of Bitcoin

Rekt Capital, a cryptocurrency analyst and trader, believes that Bitcoin (BTC) is now waiting for a consolidation phase. The trader noted that BTC experienced "Re-Accumulation Ranges" during the prior "Halvings" in an X post.

In order to explain why Bitcoin was at the "Last Pre-Halving Retrace" prior to April 19, the analyst previously released his chart showing the stages of the cryptocurrency during the "Halving."

The expert noted at the time that the re-accumulation phase came next. The graphic illustrates one that occurred during the last "Halving" of Bitcoin.

After two phases of consolidation, there was a "Post-Halving Parabolic Upside" during which Bitcoin reached its all-time high (ATH) of $69,000 in the previous cycle. This was the re-accumulation.

Rekt Capital emphasized that the flagship cryptocurrency has already gone through five re-accumulation levels this cycle. Like the previous cycle, it seems that the most recent re-accumulation phase began during the "Pre-Halving Rally" period. If history repeats itself, the analyst predicts that the "Parabolic Upside" will come after this.

Rekt Capital seems to have a similar opinion as analyst Mikybull, who emphasizes that Bitcoin's "parabolic rally is loading." There will be a "explosive" re-accumulation breakout, and "not many are prepared for this," he said.

"The RSI on a macro scale is at the same level as it was in 2017, which was followed by a huge rally to cycle top," the expert said. This leads him to conclude that institutions are consolidating now in order to be ready for "a huge rally to cycle top."

Expert Establishes Critical Mark for Bitcoin's Explosion

Bitcoin had a correction the day before its "Halving" that saw 7% of its value evaporate in a matter of hours. Bitcoin moved from trading in the $64,000–$63,000 area down below the $60,000 support level.

The biggest cryptocurrency by market capitalization seems to have recovered gradually from the decline since then. Before testing the $66,000 support level over the weekend, which it recaptured on Monday, Bitcoin first recovered the $65,000 level.

Bitcoin has been trading between $66,000 and $67,000 over the last several days. But it has failed to test the resistance level, which is located in the $67,000 price range.

The most recent performance of Bitcoin, according to crypto expert Bluntz, indicates that the price will likely continue to meander sideways between the $66,000 and $67,000 region.

But he also believes that Bitcoin is "gagging for a breakout soon," given that a bullish pennant formation is building on the chart. The expert said that "once we clear 67k," the market will soar over the most recent ATH.

At the time of writing, the price of Bitcoin is $66,665, up 7.5% from a week ago and 66.22% over the previous three months.