⭐️ Bitcoin Price ‘Parabolic’ Move Hinges on Key Weekly Close; Expert Says
Analysts predict a parabolic rally if Bitcoin price secures a weekly close above $71,500, potentially targeting $100K.
The crypto market witnessed an accelerated bullish momentum following Donald Trump’s victory as the 47th President of the United States. With the Bitcoin price entering price discovery, crypto analysts highlight a potential ‘parabolic’ rally for BTC as it exits post-halving consolidation.
By press time, the BTC price had traded at $76,153, with an intraday gain of 0.31%. According to Coingecko, the asset’s market cap surged to $1.5 Trillion, while the 24-hour trading volume wavers at $64.6 Billion.
🔸 Bitcoin Price Poised for Parabolic Growth with Critical Weekly Close
On November 6th, the crypto market experienced a strong wave of bullish momentum, fueled by Donald Trump’s win in the U.S. presidential election. The renewed recovery pushed the Bitcoin price over 10% to hit a new all-time high of $76,990.
Following the breakout, the spot BTC ETFs recorded a massive inflow of $1.376 billion on Thursday, indicating institutional investors are positioning themselves for further gains.
In a recent tweet, analyst Rekt Captial highlights Bitcoin’s potential for a parabolic rally, as the current trajectory resembles previous post-having consolidation.
In May 2020, the Bitcoin price prediction showcased a 161-day sideways trend before initiating a rally that peaked at $64,000 in April 2021.
The crypto market today shows a BTC price breakout out of a +200-day accumulation. The prolonged consolidation has significantly reduced the cycle’s typical acceleration time, compressing it from 260 days to just 13 days.
The analyst’s chart highlights a weekly candle close above the $71,500 level could act as a catalyst to trigger a major bull run.
