Originally published on: November 07, 2024
The cryptocurrency world is abuzz with speculation as Bitcoin’s price hovers around $75,877. Analysts predict that Bitcoin could enter a “parabolic phase” if it achieves a weekly close above $71,500. Renowned trader Rekt Capital recently declared that the long period of consolidation in Bitcoin’s price could be coming to an end, igniting a potential bull run.
After nearly eight months of re-accumulation following its previous all-time highs, Bitcoin may be gearing up for a major breakout. Rekt Capital points out that surpassing the $71,500 mark could signal the transition from re-accumulation to a parabolic upside phase. Comparing the current market to 2020’s breakout year, where Bitcoin surged past $20,000, reveals promising similarities that hint at a potentially explosive rally.
The market sentiment is optimistic, with many investors eyeing six-figure price targets for Bitcoin in the near future. In the long run, projections suggest Bitcoin could reach $130,000 by 2025. Additionally, onchain analytics data indicates a surge in stablecoin inflows to exchanges, signaling strong buying pressure and hinting at an imminent bull run.
As Bitcoin continues its volatile journey, it’s essential to approach investments with caution and conduct thorough research. Stay up-to-date with the latest market trends and insights by subscribing to our Markets Outlook newsletter. Don’t miss out on potential opportunities to navigate the exciting world of cryptocurrency trading.
