Close Menu
    Bitcoin

    Trader Rekt Capital Forecasts Bitcoin’s Entry into Parabolic Phase as Market Indicators Strengthen

    By No Comments3 Mins Read

    30s Summary

    Trader and analyst Rekt Capital predicts Bitcoin (BTC) is entering its “parabolic phase”, after BTC consolidates its price. BTC has re-accumulated for eight months since its new high in March and is now ready for an upswing. If BTC closes at $71,500 on a weekly basis, the cryptocurrency will likely enter a longer bull run. The market outlook is becoming more positive for BTC both short and long-term. CryptoQuant data indicated $9.3 billion worth of ERC-20 stablecoins moving into exchanges, usually a signal for a crypto bull run.

    Full Article

    If Bitcoin (BTC) manages to end the week above $71,500, it will be a firm sign that BTC is in its “parabolic phase,” according to a well-known trader and analyst, Rekt Capital. In his recent post, Rekt Capital said BTC’s price consolidation phase is probably over.

    Even though Bitcoin has been in a ‘re-accumulation’ phase for almost eight months after reaching a new high in March, Rekt Capital believes it could now be primed for a significant upswing. For this to happen, BTC needs to close above around $71,500 on a weekly basis. He emphasized that Bitcoin’s chance for a successful breakout is stronger than ever before, considering it has had more than 200 days to reaccumulate.

    Rekt Capital compared the current market situation to Bitcoin’s major breakout in 2020 when it surpassed $20,000 after a three-year wait. However, unlike in 2020, Bitcoin’s early success in March enabled it to achieve bull market targets sooner than previous cycles. This has now been balanced out by the reaccumulation period.

    “So BTC is still technically moving a bit faster than usual, but it’s nowhere near as fast as it was back in mid-March 2024 (i.e. 260 days),” Rekt Capital added.

    What might follow is predicted to be a traditionally longer bull run. “A Weekly Close above $71,500 would confirm a shift from the ReAccumulation phase into the Parabolic Upside phase,” Rekt Capital wrapped up the analysis, implying that history might repeat itself.

    At the time of reporting on Nov. 7, BTC was trading at $75,200 according to Cointelegraph Markets Pro and TradingView, slightly down 0.5% for the day.

    In related Bitcoin news, Cointelegraph reports that the forecast for BTC’s price is becoming more hopeful for both the short and long term. Some predict the bitcoin to break into the six-figure range, while 2025 could see prices reaching $130,000 or more.

    CryptoQuant data showed a huge surge of stablecoins moving into exchanges, traditionally a signal that a crypto bull run is coming. “Following the US presidential election results yesterday, an impressive $9.3 billion worth of ERC-20 stablecoins were deposited into cryptocurrency exchanges,” noted CryptoQuant’s blog post on Nov. 6. It was the second biggest deposit of ERC-20 stablecoins ever.

    This article is meant to provide news and not financial advice. Trading and investing in cryptocurrency carry risk. Always do proper research before making any financial decisions.

    Related Posts