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Breaking News: Cantor Fitzgerald Projects Major Growth For Hyperliquid (HYPE) In Explosive New Report
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Breaking News: Cantor Fitzgerald Projects Major Growth For Hyperliquid (HYPE) In Explosive New Report

Bitcoin Price Enters Parabolic Phase Of Cycle After Surge To $98,000 – Analyst

Scott Matherson
Scott Matherson
Last Updated: December 1, 2024 6:00 am
3 mins read
Bitcoin

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The Bitcoin price has continually tested resistance levels above $95,000 in its pursuit to reach and surpass the anticipated $100,000 all-time high. Following its surge to $98,000, a crypto analyst has asserted that the BTC price has officially entered the parabolic phase of this four-year market cycle. 

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Bitcoin Price Enters Parabolic Phase

Popular crypto analyst Rekt Capital has declared to his 517,800 followers on X (formerly Twitter) that Bitcoin, the world’s largest cryptocurrency, has officially and completely transitioned into its “Parabolic Upside phase” this bull cycle. The analyst shared a chart illustrating the coin’s price action during the 2021 bull run and the current bull cycle.

After its halving event in 2022, the Bitcoin price experienced a massive rally that pushed it to its 2021 all-time high of over $64,000. At the time, Bitcoin had experienced a significant correction before fully entering its bullish upside phase. 

Interestingly, a similar trend can also be seen in this bull cycle, signaling a possibility of more price rallies. In the last few months, the BTC price entered a re-accumulation phase characterised by slight declines and consolidation before recording a subsequent rally above $99,000. 

Rekt Capital disclosed that after BTC hit $98,000, the pioneer cryptocurrency had successfully entered its parabolic upside phase. This phase suggests that Bitcoin could rise even higher, matching analysts’ expectations in this bull market. 

On November 27, Rekt Capital also shared a post illustrating the crypto asset’s steady progression into the parabolic phase. He pointed out that the cryptocurrency was on the verge of exiting a reaccumulation phase and transitioning into the parabolic upside, as indicated by the green zone on the price chart. 

Bitcoin Price: $100,000 ATH – Now Or Never  

The crypto community is on an intense bullish ride, as analysts and investors widely anticipate the Bitcoin price surge to $100,000. The leading cryptocurrency has been trading just shy of the $100,000 mark, experiencing a price increase above $98,000 at some point in the past week.  

BTCUSD currently trading at $96,304. Chart: TradingView

A crypto analyst identified as Trader of Crypto on X is tapping into this strong bullish trend, announcing that “the clock is ticking” for Bitcoin to reach $100,000. His statement underscores how close Bitcoin is to reaching the milestone during this cycle.

Trader of Crypto has also stated that it is only a matter of time before Bitcoin breaks past the anticipated $100,000 all time high. While the analyst has maintained a bullish outlook on Bitcoin, he has also presented a price chart that suggests that the cryptocurrency could experience a crash towards $46,757 if bears take over. 

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The Bitcoin price is currently trading at $96,965, marking a 1% increase in the past 24 hours, according to CoinMarketCap.

Featured image from Pexels, chart from TradingView

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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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