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Bitcoin flashes strongest signal for parabolic rally; Is $100k next?
With Bitcoin (BTC) hitting an all-time high of over $73,000 in March, much of the market consensus has focused on $100,000 as the next record price.
This target could become a reality, according to an analysis by crypto trading expert TradingShot, who noted that Bitcoin may be on the brink of a major price surge.
In a TradingView post on May 29, the analyst highlighted several insights suggesting that Bitcoin is entering the final and most aggressive phase of its current bull cycle, the parabolic rally.
Bitcoin’s extended consolidation
Notably, Bitcoin recently hit $71,500 amid the buzz around the Ethereum (ETH) exchange-traded fund (ETF), which turned out to be another bull trap. Despite this, the bulls managed to hold above $67,000 support.
Amid this consolidation, crypto analyst Rekt Capital suggested in an X post on May 28 that investors should expect extended sideways trading around the $60,000 to $70,000 mark before any significant rally.
“Bitcoin is increasingly showing signs that this recent rebound has fed into the formation of another local top (blue square). Ultimately, history suggests Bitcoin is going to likely continue consolidating between ~$60,000 & ~$70,000,” he said.