Bitcoin

when

Rekt (rektarb.xyz)

Rekt

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow" target="null">BTC</a>) will confirm its “parabolic phase” if BTC/USD delivers a weekly close above $71,500.
That is according to the popular trader and analyst Rekt Capital, who, in one of his <a href="https://x.com/rektcapital/status/1854497514600243499" rel="noopener noreferrer nofollow" target="null">latest X posts</a>, called time on BTC price consolidation.
<h2 id="br-btc-price-on-the-verge-of-parabolic-upside"> BTC price on the verge of “parabolic upside”</h2>
Bitcoin may have frustrated traders with nearly <a href="https://cointelegraph.com/news/bitcoin-teases-breakout-fomo-liquidity-69k" rel="noopener noreferrer nofollow" target="_self">eight months of “re-accumulation”</a> 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.
<blockquote>
 “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.”
</blockquote>
<figure>
 <img alt="Bitcoin can go ‘parabolic’ with BTC price weekly close above $71.5K — Analysis" src="https://s3.cointelegraph.com/uploads/2024-11/01930729-bdfd-7205-89be-6c350aa5c66e" title="">
 <figcaption style="text-align: center;">
 BTC/USD comparison chart. Source: Rekt Capital/X
 </figcaption>
</figure>
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 <a href="https://cointelegraph.com/news/bitcoin-bull-cycle-outpace-history-100-days-coinmarketcap" rel="noopener noreferrer nofollow" target="_self">earlier than previous cycles</a> — 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.
<blockquote>
 “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&nbsp;(i.e. 260 days).”
</blockquote>
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.
<blockquote>
 “History suggests it is just about time for it.”
</blockquote>
<figure>
 <img alt="Bitcoin can go ‘parabolic’ with BTC price weekly close above $71.5K — Analysis" src="https://s3.cointelegraph.com/uploads/2024-11/0193072e-f3f4-793e-89f0-3032a09a5410" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-hour chart. Source: TradingView
 </figcaption>
</figure>
BTC/USD traded at $75,200 at the time of writing on Nov. 7, per data from&nbsp;<a href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA.." rel="noopener noreferrer nofollow" target="_self">Cointelegraph Markets Pro</a>&nbsp;and&nbsp;<a href="https://www.tradingview.com/symbols/BTCEUR/?exchange=BINANCE" rel="noopener noreferrer nofollow" target="null">TradingView</a>, still down 0.5% on the day.
<h2 id="br-exchanges-see-second-biggest-stablecoin-inflows"> Exchanges see second-biggest stablecoin inflows</h2>
As <a href="https://cointelegraph.com/news/bitcoin-fomc-reaction-btc-price-new-76-5-k-record" rel="noopener noreferrer nofollow" target="_self">Cointelegraph continues to report</a>, BTC price predictions for both the short and long term are growing increasingly ambitious.
Related: <a href="https://cointelegraph.com/news/bitcoin-to-the-moon-btc-price-levels-next-75k" rel="noopener noreferrer nofollow" target="_self">Bitcoin heads to the moon — Watch these BTC price levels next from $75K</a>
Some see six figures next, while 2025 is set to deliver $130,000 or more.
Meanwhile, data from onchain analytics platform CryptoQuant 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 <a href="https://cryptoquant.com/insights/quicktake/672bfa8d8a32550757438ea1-Binance-and-Coinbase-Exchanges-Receive-a-Massive-93-Billion-Inflow-of-ERC-20-Sta" rel="noopener noreferrer nofollow" target="null">Quicktake blog posts</a> on Nov. 6.
<blockquote>
 “This marks the second largest influx of ERC-20 stablecoins since their inception.”
</blockquote>
<figure>
 <img alt="Bitcoin can go ‘parabolic’ with BTC price weekly close above $71.5K — Analysis" src="https://s3.cointelegraph.com/uploads/2024-11/0193072b-1977-77bb-bb2c-3207fb2839a5" title="">
 <figcaption style="text-align: center;">
 Stablecoin inflows vs. BTC/USDT chart (screenshot). Source: CryptoQuant
 </figcaption>
</figure>
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.

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

目录

Cointelegraph

发布于 2024年11月7日的其他文章

订阅我们免费的电子期刊，获取每日最新加密领域动态！

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

目录

Cointelegraph

发布于 2024年11月7日 的其他文章

订阅我们免费的电子期刊，获取每日最新加密领域动态！

发布于 2024年11月7日的其他文章