Bitcoin can go ‘parabolic’ with BTC price weekly close above $71.5K — Analysis

Bitcoin (BTC) will confirm its “parabolic phase” if BTC/USD delivers a weekly close above $71,500.

That is according to popular trader and analyst Rekt Capital, who in one of his latest X posts called time on BTC price consolidation.

BTC price on verge of “parabolic upside”

Bitcoin may have frustrated traders with nearly eight months of “re-accumulation” after March’s old all-time highs, but that reset may now fuel a raging bull run, Rekt Capital suggests.

“Once again, the rules are that a Weekly Candle Close above ~$71500 would kickstart the breakout from the Re-Accumulation Range,” he explained.

“But after an extended ReAccumulation Range of over 200+ days after the Halving, Bitcoin faces a very, very limited prospect of additional consolidation and chances for a confirmed breakout are higher than ever before.”

An accompanying chart compared the current bull market with Bitcoin’s previous breakout year of 2020 when it passed $20,000 for the first time after three years of waiting.

Unlike then, the early record in March resulted in BTC/USD hitting bull market goals earlier than previous cycles — something which the reaccumulation period has now redressed.

“In fact, thanks to Bitcoin’s 200+ day Post-Halving Re-Accumulation, BTC has impressively reduced the acceleration in the cycle from 260 days to only 13 days,” the post continued.

“Therefore, BTC is still technically in a slightly accelerated cycle, but that lingering rate of acceleration is nowhere close to what it was back in mid-March 2024  (i.e. 260 days).”

What comes next will surprise few longtime market participants: a “traditionally longer bull run.”

“Nonetheless, a Weekly Close above $71500 would confirm a transition away from the ReAccumulation phase (red) into the Parabolic Upside phase (green),” Rekt Capital concluded.

“History suggests it is just about time for it.”

BTC/USD traded at $75,200 at the time of writing on Nov. 7, per data from Cointelegraph Markets Pro and TradingView, still down 0.5% on the day.

Exchanges see 2nd-biggest stablecoin inflows

As Cointelegraph continues to report, BTC price predictions for both the short and long term are growing increasingly ambitious.

Related: Bitcoin heads to the moon — Watch these BTC price levels next from $75K

Some see six figures next, while 2025 is set to deliver $130,000 or more.

Data from onchain analytics platform CryptoQuant meanwhile reveals mass influxes of stablecoins to exchanges — traditionally a sign that an extended crypto bull run is about to hit.

“Following the US presidential election results yesterday, a substantial $9.3 billion worth of ERC-20 stablecoins were deposited into cryptocurrency exchanges,” contributor MAC_D wrote in one of its Quicktake blog posts on Nov. 6.

“This marks the second largest influx of ERC-20 stablecoins since their inception.”

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