Time is running out for Bitcoin’s parabolic rally, warns analyst

Key Points

1. Bitcoin has been moving within a well-defined long-term uptrend since bottoming in November 2022, with major rallies historically following breakouts from the 'buy zone' of the Fibonacci channel.

2. In the 2017 and 2021 cycles, breakouts from this zone led to rapid, exponential price increases into the upper resistance levels.

3. The analyst warns that if Bitcoin fails to break out, it could face a significant price shock before the cycle matures, with time running out in the assumed 4-year cycle.

4. Current technical indicators show Bitcoin trading at $108,777, with a slight upward trend indicated by the 50-day simple moving average at $106,755 and strong long-term growth reflected by the 200-day simple moving average at $88,209.

5. The 14-day relative strength index (RSI) is at 56.58, within the neutral range, showing no immediate signs of overbought or oversold conditions.