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Home»ADOPTION NEWS»Bitcoin Could Go ‘Parabolic’ as BTC Price Closes Above $71.5K Weekly — Analysis
ADOPTION NEWS

Bitcoin Could Go ‘Parabolic’ as BTC Price Closes Above $71.5K Weekly — Analysis

By Crypto FlexsNovember 8, 20243 Mins Read
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Bitcoin Could Go ‘Parabolic’ as BTC Price Closes Above .5K Weekly — Analysis
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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.”

BTC/USD comparison chart. Source: Rekt Capital/X

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 1-hour chart. Source: TradingView

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.”

Stablecoin inflows vs. BTC/USDT chart (screenshot). Source: CryptoQuant

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.