As a seasoned researcher and analyst with over a decade of experience in the cryptocurrency market, I have witnessed firsthand the ebb and flow of Bitcoin (BTC). The current scenario, as suggested by Rekt Capital, seems to be pointing towards a potential confirmation of BTC’s “parabolic phase” if it manages to close above $71,500 on a weekly basis.
Bitcoin (BTC) will confirm its “parabolic phase” if BTC/USD delivers a weekly close above $71,500.
Based on the recent analysis by well-known trader and expert, Rekt Capital, in a recent post, he believes that the Bitcoin price consolidation has come to an end.
BTC price on verge of “parabolic upside”
Bitcoin’s prolonged “re-accumulation” period for almost eight months following its previous record highs in March might have disappointed traders, but according to Rekt Capital, this reset could potentially ignite an intense surge in prices, which is often referred to as a bull run.
He clarified that if the weekly candle ends up closing above approximately $71,500, it will initiate a breakout from the Accumulation Range.
“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.”
A side-by-side graph showcased the ongoing bull market’s likeness to Bitcoin’s explosive growth in 2020, the year it surpassed $20,000 for the first time following a three-year buildup.
Contrary to past experiences, the initial surge in March exceeded the bull market targets for Bitcoin (BTC) faster than before; however, the current phase of accumulation has corrected this trend.
It’s worth noting that since the halving of Bitcoin, it has remarkably cut down the speed at which the cycle progresses. A cycle that previously took around 260 days to complete is now finishing in just 13 days.
“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.”
At the moment of this writing on November 7th, the value of BTC/USD was approximately $75,200 according to information from CryptoMoon Markets Pro and TradingView. However, it’s worth noting that there has been a minor decrease of 0.5% in its value compared to the start of the day.
Exchanges see 2nd-biggest stablecoin inflows
According to CryptoMoon’s latest updates, the forecasted Bitcoin prices over both the immediate and distant future are becoming progressively bold and optimistic.
Some see six figures next, while 2025 is set to deliver $130,000 or more.
Information provided by the on-chain analytics service, CryptoQuant, indicates a large inflow of stablecoins into cryptocurrency exchanges, which historically has been a precursor to a prolonged bull market in cryptocurrencies.
In a recent post published on November 6th for the Quicktake blog, contributor MAC_D stated that approximately $9.3 billion in ERC-20 stablecoins were transferred to cryptocurrency trading platforms after the results of the U.S. presidential election were announced.
“This marks the second largest influx of ERC-20 stablecoins since their inception.”
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2024-11-07 19:57