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Bitcoin price has been continuously testing resistance levels above $95,000 in its quest to reach and surpass projected all-time high of $100,000. Following the surge to $98,000, a crypto analyst has claimed that the BTC price has officially entered the parabolic phase of this price. four-year market cycle.
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Bitcoin price enters the parabolic phase
Popular crypto analyst Rekt Capital has declared to his 517,800 followers on X (formerly Twitter) that Bitcoin, the world’s largest cryptocurrency, has officially and fully transitioned to its “Parabolic upward phase” this bull cycle. The analyst shared a graph for illustration the price action of the coin during the 2021 bull run and the current bull cycle.
After his halving event in 2022, the Bitcoin price experienced a massive rally that pushed it to an all-time high in 2021 of over $64,000. At the time, Bitcoin had undergone a significant correction before fully entering its bullish upward phase.
Interestingly, a similar trend is also seen in this bull cycle, pointing to the possibility of more price increases. In recent months, the BTC price has plummeted reaccumulation phase characterized by slight declines and consolidation before recording another rally above $99,000.
Rekt Capital announced that after BTC reached $98,000, the pioneer cryptocurrency had successfully entered its parabolic upward phase. This phase suggests that Bitcoin could rise even higher, which is in line with analyst expectations in this bull market.
Also Rekt Capital on November 27 shared a post This illustrates the crypto asset’s steady progression towards the parabolic phase. He pointed out that the cryptocurrency was about to exit a reaccumulation phase and transition to the parabolic upside, as indicated by the green zone on the price chart.
Bitcoin Price: $100,000 ATH – Now or Never
The crypto community is on an intense bullish ride, just like analysts and investors in general anticipate the price increase of Bitcoin to $100,000. The leading cryptocurrency has traded just under the $100,000 markwhere a price increase of over $98,000 was experienced sometime this past week.
A crypto analyst identified as Trader of Crypto on announce that “the clock is ticking” for Bitcoin to reach $100,000. His statement underlines how close Bitcoin is to reaching the milestone during this cycle.
Trader of Crypto has also stated that it is only a matter of time before Bitcoin surpasses the projected all-time high of $100,000. While the analyst has a bullish view on Bitcoinhe also presented a price chart that suggests the cryptocurrency could experience a crash towards $46,757 as bears take over.
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The Bitcoin price is currently trading at $96,965, which represents an increase of 1% in the past 24 hours, according to CoinMarketCap.
Featured image from Pexels, chart from TradingView
