The Bitcoin price has persistently tested resistance levels beyond $95,000 as it ambitiously aims to reach and exceed the highly anticipated $100,000 all-time high. In the wake of its rise to $98,000, a renowned crypto analyst has declared that the BTC price has now entered the parabolic phase of this four-year market cycle.
Bitcoin Price Enters Parabolic Phase
Prominent crypto analyst Rekt Capital has informed his 517,800 followers on X (formerly known as Twitter) that Bitcoin, the leading cryptocurrency globally, has officially transitioned into its “Parabolic Upside phase” during this bull cycle. The analyst provided a chart comparing the coin’s price movement during the 2021 bull run with the ongoing bull cycle.
Following the Bitcoin halving event in 2022, the price experienced a substantial rally, propelling it to its all-time high of over $64,000 in 2021. At that juncture, Bitcoin underwent a notable correction before fully entering its bullish upside phase.
Interestingly, a similar pattern is emerging in the current bull cycle, signaling a possible continuation of price rallies. In recent months, Bitcoin entered a re-accumulation phase characterized by minor declines and consolidation, leading to a subsequent rally that surpassed $99,000.
Rekt Capital highlighted that after Bitcoin reached $98,000, the pioneering cryptocurrency successfully transitioned into its parabolic upside phase. This phase indicates the potential for Bitcoin to climb even higher, aligning with analysts’ expectations for this bull market.
On November 27, Rekt Capital shared additional insights, showcasing Bitcoin’s steady advancement into the parabolic phase. He noted that the cryptocurrency was nearing the end of a reaccumulation phase and was on the brink of entering the parabolic upside, as depicted by the green zone on the price chart.
Bitcoin Price: $100,000 ATH – A Critical Juncture
The crypto community is currently riding a wave of bullish enthusiasm, with analysts and investors eagerly awaiting Bitcoin’s price surge to $100,000. The leading cryptocurrency has been trading just below the $100,000 threshold, having experienced a price increase above $98,000 in the past week.
BTCUSD is currently trading at $96,304, according to TradingView charts.
A crypto analyst known as Trader of Crypto on X is capitalizing on this strong bullish trend, proclaiming that “the clock is ticking” for Bitcoin to achieve the $100,000 milestone. His statement emphasizes the proximity of Bitcoin to reaching this significant milestone during the current cycle.
Trader of Crypto has also expressed that it is merely a matter of time before Bitcoin surpasses the anticipated $100,000 all-time high. While maintaining a bullish outlook on Bitcoin, he has also shared a price chart suggesting that the cryptocurrency could face a downturn towards $46,757 if bears seize control.
Currently, the Bitcoin price is trading at $96,965, reflecting a 1% increase over the past 24 hours, according to CoinMarketCap.
