Bitcoin (BTC) confirms its “parabolic phase” when BTC/USD achieves a weekly close above $71,500.
Popular trader and analyst Rekt Capital mentioned the time for BTC price consolidation in one of his recent X posts.
BTC price on the verge of a “parabolic rise”
Bitcoin’s nearly eight-month “re-accumulation” since its all-time high in March may have frustrated traders, but that reset could now trigger a furious rally, Rekt Capital suggests.
“Again, the rule is that if the weekly candle closes above $71500, you start to get out of the redeposit range,” he explained.
“However, after an extended re-accumulation range of over 200 days since the halving, Bitcoin faces very limited prospects for further consolidation, and the likelihood of a confirmed breakout is higher than ever.”
The attached chart compares the current bull market to Bitcoin’s previous breakout year, 2020, when it topped $20,000 for the first time after a three-year wait.
Unlike then, the early March record resulted in BTC/USD hitting its bull market target earlier than in previous cycles. This is now a modified re-accumulation period.
“In fact, thanks to Bitcoin’s 200+ day halving redeposit, BTC has impressively reduced its cycle acceleration from 260 days to just 13 days,” the post continued.
“So while BTC is still technically in a slightly accelerating cycle, its slow pace of acceleration is nowhere near mid-March 2024 (i.e. 260 days).”
What happens next will surprise longtime market participants: a “traditionally longer bull market.”
“Nevertheless, a weekly close above $71,500 confirms the transition from a reaccumulation phase (red) to a parabolic upward phase (green),” Rekt Capital concluded.
“History suggests that it is time.”
BTC/USD was trading at $75,200 at the time of writing on November 7, according to data from Cointelegraph Markets Pro and TradingView, and is still down 0.5% on the day.
Second largest stablecoin inflow on exchange
As Cointelegraph continues to report, its short-term and long-term BTC price predictions are becoming increasingly ambitious.
relevant: Bitcoin is heading to the moon — check out the next BTC price level starting at $75,000.
Some people believe the next number will be six figures, with upwards of $130,000 expected by 2025.
Meanwhile, data from on-chain analytics platform CryptoQuant shows large flows of stablecoins into exchanges. This is traditionally a sign that a cryptocurrency bull market is imminent.
“Following the results of the US presidential election yesterday, $9.3 billion worth of ERC-20 stablecoins were deposited on cryptocurrency exchanges,” contributor MAC_D wrote in one of his Quicktake blog posts on November 6.
“This is the second largest inflow of ERC-20 stablecoins since their launch.”
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.