According to Cointelegraph, analyst Rekt Capital said that if the BTC/USD weekly closing price breaks through $71,500, Bitcoin (BTC) will confirm that it has entered a parabolic rise phase.
Rekt Capital pointed out that Bitcoin has been in a reaccumulation period of more than 200 days, which makes the possibility of a breakout higher than before. The current market shows similar characteristics to the bull run in 2020, but the cycle has accelerated, shortening from the original 260 days to only 13 days.
Currently, BTC/USD is trading at around $75,200, down 0.5% on the day. Meanwhile, CryptoQuant data shows that about $9.3 billion worth of ERC-20 stablecoins have flowed into cryptocurrency exchanges recently, a trend that is often seen as a signal of an impending bull run.
