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Bitcoin could be poised for the most rapid gains in its current bull market if BTC/USD achieves a critical weekly close above $71,500. This threshold, according to popular trader and analyst Rekt Capital, might ignite a transition into Bitcoin’s “parabolic phase,” marking the end of a months-long consolidation period and setting the stage for exponential price action.
BTC Price Nears “Parabolic Upside”
For nearly eight months, Bitcoin has seen what Rekt Capital terms “re-accumulation” following its March 2024 all-time high. While some traders have been frustrated by the slower pace, this consolidation may provide the fuel for a renewed bull run as we near the final stretch of 2024.
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Rekt Capital’s latest analysis on X (formerly Twitter) suggests that a weekly close above $71,500 could signify the end of this re-accumulation period. The analyst notes, “After over 200 days of re-accumulation following the halving, Bitcoin is primed for a breakout with reduced chances of further consolidation.” This transition, if confirmed, aligns with historical patterns observed in previous Bitcoin bull markets, notably in 2020 when BTC/USD broke past $20,000 after a three-year wait.
Bitcoin’s current cycle has also shown accelerated timing. According to Rekt Capital, “Bitcoin’s 200+ day post-halving re-accumulation has significantly shortened the acceleration phase from 260 days to only 13 days.” With BTC still in a slightly accelerated cycle, the prospect of a prolonged bull run is on the horizon, promising continued gains.
Crypto Exchange Trends: Stablecoin Inflows Signal Extended Bull Market
At the time of writing on Nov. 7, Bitcoin traded at $75,200, nearing all-time highs and only a short step away from the crucial $71,500 weekly close. Data from TradingView show that while BTC/USD saw a modest 0.5% dip on the day, momentum remains bullish.
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In parallel, on-chain data reveals a substantial $9.3 billion influx of stablecoins onto cryptocurrency exchanges immediately following the U.S. presidential election results. According to CryptoQuant, this is the second-largest stablecoin inflow on record for ERC-20 tokens, which are widely used for trade pairings across exchanges. Such inflows often signal a pending bull market as traders bring funds onto exchanges to prepare for high-volume purchases.
Bullish Sentiment: Analysts Project New Highs
Many analysts are predicting that Bitcoin could hit six-figure valuations by early 2025, with targets of 0,000 or more not out of reach. Following the U.S. election, some experts forecast a macro-environment supportive of Bitcoin’s price momentum, as favorable regulation and adoption gain traction.
Rekt Capital remains optimistic about the next few weeks, highlighting that a successful weekly close above $71,500 could set Bitcoin on a “traditionally longer bull run.” Should this close occur, Bitcoin would transition from the re-accumulation phase (depicted as “red” in Rekt Capital’s analysis) into a “parabolic upside phase” (depicted as “green”), which could lead to a breakout rally fueled by growing institutional interest, robust on-chain activity, and large-scale accumulation.
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As we move into this pivotal period for Bitcoin and other leading assets like Ethereum and select altcoins, staying informed is essential. Coin Push Crypto Alerts delivers real-time, data-driven crypto signals and market insights, keeping you ahead of rapid market shifts. Remember, Coin Push Crypto Alerts does not provide buy, sell, or trading services; instead, it offers market analysis and alerts to help users stay informed.
For crypto enthusiasts anticipating a bull market in 2024, now may be the time to monitor key price levels closely. Keep your eye on the market as Bitcoin targets a potentially game-changing weekly close — one that could bring us closer to an accelerated parabolic phase and new all-time highs.
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Disclaimer: The information provided in this article does not constitute investment advice, financial advice, trading advice, or any other advice, and should not be treated as such. Coin Push Crypto Alerts does not recommend buying, selling, or holding any cryptocurrency. Always conduct your due diligence and consult a financial advisor before making any investment decisions.
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There are indications that the crypto will be distributed to players over two years rather than all at once. This approach is likely designed to prevent a rapid drop in price after listing, with the intention that only the “whales” will remain to buy up your coins gradually.
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