Bitcoin ‘Parabolic Phase Just Begun’, Is BTC Hitting $100,000 This Week?

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As a seasoned researcher with years of experience tracking Bitcoin’s price action and market trends, I find myself excitedly observing the recent developments in the world of cryptocurrency. The ‘parabolic phase’ that Bitcoin seems to have entered is reminiscent of its explosive growth periods in 2013, 2017, and 2020-2021.

Bitcoin (BTC) commenced the week with a breakout from a bullish trend, following a prolonged period of sideways movement over the weekend. This flagship cryptocurrency has now entered its “rapid ascent phase,” currently situated 3.4% below its record high (peak). Such a position could potentially lead to significant price fluctuations for BTC throughout this week, indicating “dramatic changes” or “substantial shifts.

Bitcoin ‘Parabolic Phase’ Just Started

In the past fortnight, Bitcoin has experienced a significant upward trend, rising by approximately 32% to a price range between $89,000 and $90,000. An impressive performance on Monday led to an increase of 11%, paving the way for its subsequent surge which peaked at $93,400 two days later, marking a new all-time high (ATH).

After that point, Bitcoin’s value has fluctuated around the $89,000-$92,000 band, dipping slightly to $87,000 on last Friday. Over the weekend, the pioneering cryptocurrency remained within this band, recording its highest weekly closing price in Bitcoin’s history.

According to financial expert Rekt Capital, Bitcoin (BTC) is just beginning its “extreme growth phase,” emphasizing that today marks the start of the third week in the initial upward trend for price discovery. Previous data shows that BTC typically experiences approximately 300 days of rapid increase in each cycle, with a significant correction happening more than a month after it enters price discovery mode.

According to the post, the leading cryptocurrency saw its initial significant drop after six weeks in 2013. In contrast, Bitcoin surged for eight weeks and then registered a more substantial pullback in 2017. Similarly, it climbed for four weeks before undergoing a significant retrace during the 2020-2021 cycle.

According to the analyst’s perspective, historical trends indicate that there is likely further price increase ahead, and the initial correction for price discovery is yet to occur within the next few weeks.

Is A Move Massive Move Coming This Week?

Ali Martinez observed that Bitcoin appears to be mirroring the price trend from 2020. In the year 2020, after surpassing its previous all-time high of $19,700, BTC increased by 26% and stabilized for a week. Following this stability, BTC climbed an additional 66% to around $40,000 within the subsequent two weeks.

As a crypto investor myself, I’ve noticed that Bitcoin has climbed an impressive 28% since surpassing its March all-time high (ATH). It seems to have been holding steady for almost a week now, which could be a sign that a significant price surge is imminent in the coming days. If this trend continues, we might just see Bitcoin reach the $100,000 milestone this very week!

According to Crypto Yapper, a market observer, Bitcoin appears poised for a substantial price shift in the near future. The analyst emphasized that the digital currency’s current period of consolidation is notable, with considerable price fluctuations occurring around the $89,000-$90,000 range.

Previously, this horizontal line functioned as a significant barrier to price increase a week ago, but over the last five days, it has proven to be a source of support instead. Today, Bitcoin once again approached the $91,000 mark, and analysts predict that its upward trend could persist, potentially reaching a new all-time high around $95,000.

Moreover, Bitcoin began the week by breaking free from a one-week symmetrical triangle formation. For Crypto Yapper, this pattern is commonly seen as a “normal progression pattern” in the cryptocurrency world, indicating that if the breakout holds steady, Bitcoin could potentially keep rising towards its target. The analyst predicts that this upward trend might propel Bitcoin to reach $100,000 by Sunday.

As of this writing, Bitcoin is trading at $90,260, a 10% increase in the weekly timeframe.

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2024-11-19 11:11