Bitcoin Poised for Parabolic Surge if This Level Holds, Says Crypto Expert
Bitcoin has recently achieved a major milestone, rallying to new all-time highs after successfully filling a significant CME Gap, as noted by prominent cryptocurrency analyst Rekt Capital.
The price action has closely followed a predicted pathway outlined in the RC Newsletter three weeks ago, highlighting a positive shift for the leading digital asset.
The latest price surge marks a successful retest of the May highs, which were previously set at around $67,500. This level has since transitioned from resistance to support, effectively acting as a springboard for Bitcoin’s new record-breaking highs. The fact that Bitcoin has managed to break through these key levels signals strength in its ongoing rally.
Looking ahead, Bitcoin is at a critical juncture. To confirm its transition from the reaccumulation phase into a parabolic upside phase, BTC needs to maintain a weekly close above the $71,500 mark. A sustained hold above this level would indicate that the market is prepared for further upward movement.
READ MORE:
Bitcoin Dominates Market as Altcoins Struggle to Keep UpIf Bitcoin can secure a monthly close around this level, it would set a historic precedent for the cryptocurrency. Analysts and investors alike will be watching closely to see if Bitcoin can maintain its momentum and continue to build on this newfound support around $71,500.
For now, Bitcoin’s path appears bullish, but the key test will be whether it can hold above this crucial support level in the coming weeks.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Sui to launch Bitcoin staking
Avalanche launches Avalanche9000 testnet, its largest upgrade to date
Ether gains momentum as capital shifts from bitcoin and derivatives activity increases
Capital flows are shifting from bitcoin to ether, with derivatives market activity signaling growing confidence in ether’s near-term upside, analysts said.Ether has surged over 6% while in the past 24 hours, while bitcoin saw a slight decline, as open interest and demand for call options hit record highs for the second-largest cryptocurrency by market cap.