Bitcoin can go ‘parabolic’ with BTC price weekly close above $71.5K — Analysis
2024.11.07 10:55
Bitcoin (BTC) will confirm its “parabolic phase” if BTC/USD delivers a weekly close above $71,500.
That is according to popular trader and analyst Rekt Capital, who in one of his latest X posts called time on BTC price consolidation.
BTC price on verge of “parabolic upside”
Bitcoin may have frustrated traders with nearly eight months of “re-accumulation” after March’s old all-time highs, but that reset may now fuel a raging bull run, Rekt Capital suggests.
“Once again, the rules are that a Weekly Candle Close above ~$71500 would kickstart the breakout from the Re-Accumulation Range,” he explained.
“But after an extended ReAccumulation Range of over 200+ days after the Halving, Bitcoin faces a very, very limited prospect of additional consolidation and chances for a confirmed breakout are higher than ever before.”
BTC/USD comparison chart. Source: Rekt Capital/X
An accompanying chart compared the current bull market with Bitcoin’s previous breakout year of 2020 when it passed $20,000 for the first time after three years of waiting.
Unlike then, the early record in March resulted in BTC/USD hitting bull market goals earlier than previous cycles — something which the reaccumulation period has now redressed.
“In fact, thanks to Bitcoin’s 200+ day Post-Halving Re-Accumulation, BTC has impressively reduced the acceleration in the cycle from 260 days to only 13 days,” the post continued.
“Therefore, BTC is still technically in a slightly accelerated cycle, but that lingering rate of acceleration is nowhere close to what it was back in mid-March 2024 (i.e. 260 days).”
What comes next will surprise few longtime market participants: a “traditionally longer bull run.”
“Nonetheless, a Weekly Close above $71500 would confirm a transition away from the ReAccumulation phase (red) into the Parabolic Upside phase (green),” Rekt Capital concluded.
“History suggests it is just about time for it.”
BTC/USD 1-hour chart. Source: TradingView
BTC/USD traded at $75,200 at the time of writing on Nov. 7, per data from Cointelegraph Markets Pro and TradingView, still down 0.5% on the day.
Exchanges see 2nd-biggest stablecoin inflows
As Cointelegraph continues to report, BTC price predictions for both the short and long term are growing increasingly ambitious.
Related: Bitcoin heads to the moon — Watch these BTC price levels next from $75K
Some see six figures next, while 2025 is set to deliver $130,000 or more.
Data from onchain analytics platform CryptoQuant meanwhile reveals mass influxes of stablecoins to exchanges — traditionally a sign that an extended crypto bull run is about to hit.
“Following the US presidential election results yesterday, a substantial $9.3 billion worth of ERC-20 stablecoins were deposited into cryptocurrency exchanges,” contributor MAC_D wrote in one of its Quicktake blog posts on Nov. 6.
“This marks the second largest influx of ERC-20 stablecoins since their inception.”
Stablecoin inflows vs. BTC/USDT chart (screenshot). Source: CryptoQuant
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
