Originally published on: November 07, 2024
Bitcoin may be gearing up for a major breakthrough as it approaches a critical price point of $71,500. According to the renowned trader and analyst, Rekt Capital, Bitcoin will enter a “parabolic phase” once it confirms a weekly close above this milestone.
After months of consolidation following its previous all-time high in March, Bitcoin is poised for a significant rally. Rekt Capital believes that the recent re-accumulation period has set the stage for a bullish run that could surpass previous cycles.
Comparing the current market dynamics to Bitcoin’s breakout year in 2020, the analysis suggests that the recent re-accumulation has shortened the cycle acceleration significantly. This sets the stage for a potentially longer and more sustained bull run in the coming weeks.
If Bitcoin manages to close above $71,500, it could signal a transition from the re-accumulation phase to the parabolic upside phase. This milestone could unlock Bitcoin’s full potential and pave the way for further gains in the near future.
At the time of writing, Bitcoin is trading at $75,200, showing signs of resilience despite recent market fluctuations. As experts predict a bright future for Bitcoin, with some forecasting six-figure prices in the near future, investors are closely monitoring key price levels for potential opportunities.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own research and due diligence before making any financial decisions.
