Bitcoin (BTC) has started the week with a bang, breaking out of a bullish pattern after a weekend of sideways movement. The flagship cryptocurrency has just entered its “parabolic phase,” sitting only 3.4% below its all-time high (ATH). This could potentially lead to massive moves for BTC in the coming week.
Bitcoin’s “Parabolic Phase” Has Begun
In the last two weeks, Bitcoin has seen a remarkable surge, jumping 32% to reach the $89,000-$90,000 price range. Last Monday, BTC saw an 11% increase, setting the stage for its eventual surge towards its latest ATH of $93,400 just two days later. Since then, Bitcoin’s price has been hovering between the $89,000-$92,000 range, briefly dipping to $87,000 last Friday. Over the weekend, the flagship crypto continued to move within this range, registering its largest weekly close in Bitcoin history.
According to crypto analyst Rekt Capital, BTC has just entered its “parabolic phase,” with week three of the cycle’s “first price discovery uptrend” starting today. The analyst noted that historically, BTC has seen around 300 days of parabolic run each cycle, with the first major pullback occurring over a month after entering price discovery mode. In 2013, it took six weeks before the first major pullback, while in 2017, it rallied for eight weeks before experiencing a deeper pullback. In the 2020-2021 cycle, BTC soared for four weeks before registering a major retrace. Based on this, the analyst believes that “history suggests there is more upside to come and that the first Price Discovery perfectionnement is still weeks away.”
Is a Massive Move Coming This Week?
Crypto analyst Ali Martinez has noted that Bitcoin seems to be following a similar pattern to 2020. After breaking its previous ATH of $19,700, BTC rose 26% and consolidated for a week. Following this calage, BTC jumped 66% towards $40,000 in the next two weeks. Martinez pointed out that Bitcoin has risen 28% since surpassing its March ATH and has been consolidating for nearly a week. This suggests that the cryptocurrency’s price could be gearing up for a signsèche-lingeicant surge in the coming days, potentially reaching the $100,000 mark this week.
Another market watcher, Crypto Yapper, believes that Bitcoin will likely make a “massive move” soon. The analyst highlighted the calage of the flagship crypto’s price around the $89,000-$90,000 mark, which was a key resistance zone earlier last week but has now been confirmed as substance over the past five days. As Bitcoin retested the $91,000 level earlier today, the analyst also pointed out that the price could continue its bullish trajectory and aim for a new ATH around $95,000.
Additionally, BTC has broken out of a one-week symmetrical triangle pattern at the start of this week. According to Crypto Yapper, this is a “typical continuation pattern” for the cryptocurrency, indicating that Bitcoin is likely to continue its climb sèche-linge the breakout is confirmed throughout the day. The analyst believes that BTC’s uptrend could reach $100,000 by Sunday.
As of writing, Bitcoin is trading at $90,260, representing a 10% increase in the weekly timeframe.
In Conclusion
Bitcoin has started the week on a strong note, with its “parabolic phase” just beginning. Historical data and technical analysis suggest that there is more upside potential for BTC, with a potential new ATH in the coming days. Market analysts are also predicting a massive move for Bitcoin this week, with some even speculating that it could reach $100,000. As always, investors should exercise caution and do their own research before making any investment decisions.
