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Bitcoin price has continuously tested resistance levels above $95,000 in its quest to reach and surpass the an expected all-time high of $100,000. After reaching $98,000, a cryptocurrency analyst claimed that the BTC price has officially entered the parabolic phase of this phenomenon. four-year market cycle.
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Bitcoin price enters parabolic phase
Popular crypto analyst Rekt Capital has declared to its 517,800 followers onParabolic rising phase» this bullish cycle. The analyst shared a chart illustrating coin price action during the 2021 bull run and current bull cycle.
After his halving event In 2022, the price of Bitcoin saw a massive rise that pushed it to its 2021 all-time high of over $64,000. At the time, Bitcoin had experienced a significant correction before fully entering its bullish phase.
Interestingly, a similar trend can also be seen in this bull cycle, signaling the possibility of further price rises. Over the past few months, the price of BTC has entered a reaccumulation phase characterized by slight declines and consolidation before recording a rally above $99,000.
Rekt Capital revealed that after BTC reached $98,000, the pioneer cryptocurrency successfully entered its parabolic bullish phase. This phase suggests that Bitcoin could rise even higher, matching analysts’ expectations in this bull market.
On November 27, Rekt Capital also shared a post depicting the crypto asset’s steady progression towards the parabolic phase. He pointed out that the cryptocurrency was about to exit a reaccumulation phase and move into parabolic upside, as indicated by the green zone on the price chart.
Bitcoin Price: $100,000 ATH – Now or Never
The crypto community is in an intense bullish period, as analysts and investors show. anticipate Bitcoin price soared to $100,000. The leading cryptocurrency trades just below the $100,000 markexperiencing a price increase above $98,000 at some point over the past week.
A crypto analyst identified as Trader of Crypto on announcing that “time is running out” for Bitcoin to reach $100,000. His statement highlights how close Bitcoin is to reaching the milestone during this cycle.
Trader of Crypto also said that it is only a matter of time before Bitcoin surpasses the expected all-time high of $100,000. Even though the analyst maintained a bullish outlook on Bitcoinhe also presented a price chart suggesting that the cryptocurrency could suffer an accident towards $46,757 if the Bears take over.
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The price of Bitcoin is currently trading at $96,965, an increase of 1% in the last 24 hours, according to CoinMarketCap.
Featured image from Pexels, chart from TradingView
