Bitcoin can go 'parabolic' with BTC price weekly close above $71.5K — Analysis
2024-11-07

Bitcoin BTCUSD will confirm its “parabolic phase” if BTCUSD 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.

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 BTCUSD 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.
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.

BTCUSD 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.
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 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.