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

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.

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“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.

BTC/USD Comparison Chart. Source: Rekt Capital/X

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.”

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BTC/USD 1-Hour Chart. Source: TradingView

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.

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Stablecoin Earnings vs BTC/USDT Chart (Snapshot). Source: CryptoQuant

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.

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