Bitcoin Enters Parabolic Phase, Trading Near $90,000
Bitcoin (BTC) began the week by breaking out of a bullish pattern after a period of sideways movement. Currently, BTC is 3.4% below its all-time high (ATH), potentially leading to significant price movements this week.
Bitcoin ‘Parabolic Phase’ Just Started
Over the last two weeks, Bitcoin experienced a 32% increase, reaching the $89,000-$90,000 range. The cryptocurrency surged 11% on Monday, nearing its latest ATH of $93,400 two days later.
Following this surge, Bitcoin's price fluctuated between $89,000 and $92,000, with a brief dip to $87,000 last Friday. Over the weekend, Bitcoin maintained this range and achieved its largest weekly close in history.
Analyst Rekt Capital indicated that BTC has just entered its “parabolic phase,” marking the beginning of the cycle’s first price discovery uptrend. Historically, Bitcoin has experienced around 300 days of parabolic runs each cycle, with major pullbacks typically occurring over a month after entering price discovery mode.
In previous cycles, Bitcoin took six weeks before its first major pullback in 2013, rallied for eight weeks in 2017, and saw a four-week surge before retracing in the 2020-2021 cycle. Based on historical patterns, analysts suggest further upside is likely before the initial correction occurs.
Is A Massive Move Coming This Week?
Ali Martinez observed that Bitcoin appears to be mirroring its 2020 pattern. After breaking its previous ATH of $19,700 in 2020, BTC rose 26%, consolidated for a week, then jumped 66% toward $40,000 in the subsequent two weeks. Currently, Bitcoin has increased 28% since surpassing its March ATH and has been consolidating for nearly a week, indicating a potential surge towards $100,000.
Market watcher Crypto Yapper highlighted Bitcoin's consolidation around the $89,000-$90,000 mark, which was a resistance zone but has now confirmed as support. Following a retest of $91,000, there are expectations for a continuation of the bullish trend, potentially leading to a new ATH of around $95,000.
Additionally, BTC broke out of a one-week symmetrical triangle pattern at the start of the week, suggesting further upward movement if the breakout is confirmed. The analyst predicts that BTC could reach $100,000 by Sunday.
Currently, Bitcoin is trading at $90,260, reflecting a 10% increase over the weekly timeframe.
