Bitcoin Price ‘Parabolic’ Move Hinges on Key Weekly Close; Expert Says
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.
BTC Chart Analysis Rekt Capital
Whale Accumulation Fuels BTC Recovery
According to Santiment data, Bitcoin’s recent price surge is supported by renewed interest from whale investors. During the election-driven market boost, large holders (wallets holding 1,000 to 10,000 BTC) have increased their holdings from 4.68 million BTC to 4.74 million BTC.
This accumulation implies that the smark money trade believes the Bitcoin price could drive a prolonged recovery trend, potentially targeting $100,000.
Supply Distribution| Santiment
On a contrary note, if the coin price plunges below the $71,500 level, the sellers could strengthen their grip over this asset and drive a fresh correction trend.
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