If these levels are reached, Bitcoin’s price could rise parabolically by 27%

Bitcoin’s (BTC) recent rally has been strong, managing to erase previous losses. Investors saw prices rise by 3.42% in 24 hours, bringing their portfolios back into positive territory. In the future, there may be greater room for growth, and it is even expected to create new historical highs.

Next goal $75,000?

According to analysis, Bitcoin’s recent gains came on a rebound from key support levels in the $52,250 to $50,647 range. This support level is important because it coincides with the bottom of Bitcoin’s descending channel. Typically, when prices are consolidating within a descending channel, increased liquidity often signals a future uptrend.

Bitcoin is likely to rebound around 27% to reach the upper edge of the channel around $66,000. If this resistance line is breached, Bitcoin could head toward the liquid zone between $72,000 and $74,000, or even higher, depending on the market’s momentum.

Whale activity fuels BTC rally

Recently, whale activity in the Bitcoin market has increased significantly, and large amounts of funds have begun to flow into the market. In addition, other large investors are also adding to their bets, with one investor recently purchasing 1,062 Bitcoins, bringing his total holdings to 10,043 BTC, worth more than $600 million.

Whale buying often represents increased confidence in the market, which drives demand for Bitcoin from other investors.

Retail investors start following whales

Following the actions of large investors, retail investors gradually followed suit. According to the data, Bitcoin’s open interest has increased by 5.22% to $31.72 billion, the highest level since early September. If this trend continues, the price of Bitcoin may climb further.

BTC on track to reach new highs

Data shows that short traders who bet on Bitcoin falling have suffered significant losses recently. In just 24 hours, $48.81 million in short positions were liquidated, indicating that the market is currently tilted towards bullish traders. Additionally, the supply of Bitcoin on exchanges is also decreasing, with a loss of 9,670 BTC in the past seven days. This tight supply often signals that prices may continue to rise.

If these trends hold, Bitcoin is likely to reach new higher highs.

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