Bitcoin Primed for Parabolic Growth? Analysts Highlight Key Bullish Signs
Main Idea
Analysts highlight bullish indicators suggesting Bitcoin (BTC) may be primed for parabolic growth, with key technical patterns and on-chain data pointing to potential new all-time highs.
Key Points
1. Crypto analyst Jelle notes BTC has broken a bullish pennant pattern, projecting a potential rise to $120,000.
2. Historical data suggests BTC may peak within 17 weeks, based on past cycles correlating with US elections.
3. BTC exchange reserves have fallen to a multi-year low of 2.4 million BTC, signaling strong demand and potential bullish momentum.
4. The current trend mirrors the 2020–2021 bull cycle, with indicators like the ABC pattern on weekly charts reinforcing optimism.
5. At press time, BTC trades at $109,232, up 0.9% in the past 24 hours.
Description
As Bitcoin (BTC) continues its climb toward its all-time high (ATH), several technical patterns and time-based indicators have turned bullish, suggesting the flagship cryptocurrency may be on the verge of parabolic gains in the coming weeks. These Indicators Hint At Parabolic Rally For Bitcoin In an X post published today, crypto analyst Jelle noted that BTC has broken out of a bullish pennant and completed a successful retest – signaling its readiness for a new ATH. The analyst added that the b...
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