A widely followed analyst and trader is leaning bullish on Bitcoin (BTC) as the flagship crypto asset hovers around 21% below its all-time high.
The analyst pseudonymously known as Rekt Capital tells his 108,000 YouTube subscribers that Bitcoin’s banana zone, a period when BTC experiences rapid and explosive growth, is still on course.
According to the analyst, the correction that Bitcoin has recently undergone is temporary.
“This is a blip within that banana zone that’s going to see us go higher into an additional uptrend continuation.”
According to Rekt Capital, the correction Bitcoin has undergone is not out of the ordinary.
“What happens with Bitcoin’s price action when it breaks to new all-time highs is yes we do see a parabolic ascension to those new all-time highs. But sometimes when we break to new all-time highs it can get a little bit bumpy like we saw in 2017, for example. And even in this period, we also saw a little bit of a bumpy ride just before new all-time highs.
And in this cycle in the pre-halving period, we saw a six-to-seven-month corrective period after we actually rallied to new all-time highs… Same here in 2013, bumpy in and around the old all-time high region.”
As for what will come next for Bitcoin once the parabolic uptrend resumes, the pseudonymous analyst says,
“Once this corrective phase ends, we’ll see another expansion phase price discovery number two. And then that second price discovery correction number two as well.
And after that correction ends, we will see that final uptrend into a new all-time high into probably the bull market peak.”
Bitcoin is trading at $85,773 at time of writing.
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