Bitcoin ‘Parabolic Phase Just Begun’, BTC To $100K This Week?
Bitcoin (BTC) has broken out of a bullish pattern to start the week after trading sideways for most of the weekend. The flagship cryptocurrency has just begun its “parabolic phase” and is 3.4% below its all-time high (ATH), which could bring “massive volatility” to BTC this week.
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Bitcoin’s “parabolic phase” has just begun
Bitcoin has witnessed massive surge Over the past two weeks, prices have risen 32% to $89,000 to $90,000. BTC’s outperformance saw it surge 11% last Monday, setting the stage for its latest ATH surge to $93,400 two days later.
Since then, the price of Bitcoin has hovered between $89,000 and $92,000, briefly falling to $87,000 on Friday. The flagship cryptocurrency continued to ride this angry sentiment over the weekend, recording the largest weekly close in Bitcoin history.
Cryptocurrency analyst Rekt Capital notes that BTC has almost no start Its “parabolic phase,” which points to the third week of the cycle when “the first price finds an uptrend,” begins today. The analyst explained that historically, BTC goes through approximately 300 days of parabolic runs per cycle, with the first major correction occurring a month after entering price discovery mode.
According to the post, the flagship cryptocurrency’s first major project took six weeks pull back 2013. In 2017, BTC rallied for eight weeks before experiencing a deeper correction. Meanwhile, it surged for four weeks before experiencing a major pullback in the 2020-2021 cycle.
Based on this, analysts believe that “history suggests there is more room to rise, with the first price discovery correction still weeks away.”
Will there be any mass relocation this week?
Ali Martinez famous Bitcoin appears to be repeating the 2020 pattern. In 2020, Bitcoin rose 26% and consolidated for a week after breaking through its all-time high of $19,700. Following the consolidation, BTC rose 66% over the next two weeks to reach $40,000.
Martinez noted that Bitcoin has gained 28% since surpassing March’s ATH and has been consolidating for nearly a week. This suggests that the price of the cryptocurrency may rise significantly in the coming days and may hit the $100,000 mark this week.
Another market watcher, Crypto Yapper, point out Bitcoin may soon make a “massive move.” The analyst highlighted the flagship cryptocurrency’s consolidation and pointed to significant price action near the $89,000-$90,000 mark.
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This level was a key resistance area earlier last week but has been confirmed as support over the past five days. With Bitcoin retesting $91,000 earlier today, analysts also noted that its price could continue its bullish trajectory and target a new high around $95,000.
Additionally, Bitcoin started the week by breaking out of a weekly symmetrical triangle pattern. For Crypto Yapper, this is a “typical ongoing pattern” for cryptocurrencies, suggesting that if breakthrough Confirmations were received throughout the day. The analyst said that BTC could reach $100,000 on Sunday if it continues its upward trend.
As of this writing, Bitcoin is trading at $90,260, up 10% on a weekly basis.
Featured image from Unsplash.com, chart from TradingView.com
