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

Bitcoin (BTC) confirms “parabolic phase” if BTC/USD delivers above $71,500 weekly.

That's according to popular trader and analyst Rect Capital, who in one of his recent X posts called BTC price consolidation time.

BTC price is on a “parabolic upswing”.

A nearly eight-month “restock” after March's old all-time highs may have unnerved bitcoin traders, but that reset could now fuel an angry bull run, according to Rect Capital.

“A weekly candle that closes above ~$71500 on the retracement rules starts a divergence from the retracement range,” he explained.

But after an extended retracement range of 200+ days after the reduction, Bitcoin has more than ever with very, very limited opportunities for further consolidation and guaranteed divergence.

The accompanying chart compares the current bull market to Bitcoin's predecessor's 2020 breakout year, when it surpassed $20,000 for the first time after a three-year wait.

In contrast, the early record high in March caused BTC/USD to hit bull market targets earlier than in previous cycles – this period of restocking has now been corrected.

“In fact, thanks to 200+ days of post-halving restocking, BTC has reduced its cycle speed from 260 days to just 13 days.”

“So BTC is still technically in a slightly accelerated cycle, but this acceleration is nowhere near what it was in mid-March 2024 (ie 260 days).”

What comes next will surprise few long-term market participants: “Typically a longer bull run.”

“However, a weekly close above $71500 would confirm a move from a restock level (red) to a parabolic upside level (green),” Rect Capital said.

“As history shows, now is the time.”

BTC/USD traded at $75,200 on November 7, according to data from Cointelegraph Markets Pro and TradingView, still down 0.5% on the day.

Exchanges See 2nd-Largest Stablecoin Revenues

As Cointelegraph continues to report, short- and long-term BTC price predictions will continue to increase.

RELATED: Bitcoin Heads To The Moon – Check Out These BTC Price Levels After $75K

Some see six figures next, with 2025 set to reach $130,000 or more.

Data from onchain analytics platform CryptoQuant, meanwhile, shows stablecoins have flocked to exchanges – typically a sign that an extended crypto bull run is about to hit.

Following the results of the US presidential election, an estimated $9.3 billion worth of ERC-20 stablecoins were pumped into kriptovalyutnyh exchanges, promoter MAC_D wrote on November 6 in one of his Quicktake blog posts.

This marks the second stream of ERC-20 stablecoins since its inception.

This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.