Analyst Predicts Bitcoin Could Make a Parabolic Rise Soon
Analyst TechDev has recently provided insights into the potential trajectory of Bitcoin (BTC) in the near future. According to TechDev, Bitcoin is currently exhibiting a price action similar to that seen in 2017, indicating the possibility of a parabolic rise similar to what was experienced back then.
Similar Price Action to 2017
TechDev shared a chart on their X platform, formerly known as Twitter, with the caption “The more things change, the more they stay the same.” The chart showcased how Bitcoin’s current price movement reflects the pattern observed during the 2017 bull run, which led to a significant price increase of 1,200% and a previous peak of $20,000.
- Bitcoin’s price bottomed after the Bitfinex crash in 2017, similar to how it bottomed after the collapse of FTX in the current market cycle.
- Following the 2017 crash, Bitcoin consolidated before embarking on a parabolic rally that reached $20,000 in 2018.
History Might Repeat Itself
The suggestion that history could repeat itself comes from the possibility of Bitcoin consolidating before making a move that could potentially propel it to $100,000. While the current consolidation period is longer than that of 2017, crypto analyst Rekt Capital believes that this extended consolidation phase is essential for Bitcoin’s future growth.
- Rekt Capital noted that Bitcoin is accelerating by nearly 200 days in this market cycle and that prolonged consolidation will help it align with previous bull cycles.
- The continued consolidation indicates Bitcoin’s stability and potential for future expansion.
Potential Breakout and Optimistic Targets
Rekt Capital shared a chart suggesting that a breakout above the $66,000 range could trigger the continuation of Bitcoin’s bull run, potentially propelling its price beyond $100,000. Additionally, crypto analyst Mikybull Crypto mentioned that the optimal targets for Bitcoin in this bull run could be between $138,000 and $150,000.
- Optimal targets for Bitcoin in the current bull run are estimated to be between $138,000 and $150,000.
- Other analysts, like PlanB, have offered more bullish predictions, hinting at a possible 10x increase in Bitcoin’s current price level.
Bitcoin’s Current Price
As of the latest data from CoinMarketCap, Bitcoin is trading at around $67,000, showing a slight decrease in the last 24 hours. Despite the short-term price fluctuations, analysts remain optimistic about Bitcoin’s long-term growth potential.
Hot Take: Bitcoin’s Potential to Rise Further
As analysts predict a potential parabolic rise in Bitcoin’s price and the possibility of reaching new all-time highs, the cryptocurrency market continues to attract attention from investors and enthusiasts worldwide. While short-term volatility may persist, the long-term outlook remains positive for Bitcoin, indicating the potential for substantial growth in the coming months and years.
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