Bitcoin Price is Ready for a “Parabolic Curve” Despite BTC Rejection at $69K
Bitcoin (BTC) is currently trading at $68,506 as of 2:30 am EST, experiencing a minor decline of 0.86% over the last 24 hours. Despite BTC facing consistent rejections near its previous all-time high of $69,000, analysts believe the cryptocurrency is primed for a significant upward trajectory.
Technical Analysis Indicates Potential for Parabolic Uptrend
In a recent analysis posted on May 26, crypto analyst Moustache shared insights on X (formerly Twitter), highlighting a BTC/USD weekly chart. According to Moustache, the relative strength index (RSI) has rebounded from the oversold region back to the neutral zone. Simultaneously, Bitcoin has reclaimed its 2021 all-time high, with the 20-week simple moving average (SMA) remaining unbroken. This pattern is reminiscent of previous bull cycles seen in 2017 and 2020, which were precursors to parabolic uptrends.
“Things that also happened very similarly in 2017 and 2020 before we saw the parabolic curve. I think crypto is ready for another leg up,” Moustache commented.
Key Support and Resistance Levels
Moustache emphasized that Bitcoin remains bullish as long as it stays above the 20-week EMA, which currently provides immediate support at $60,457. This level is crucial for maintaining the bullish outlook.
Another analyst, Daan Crypto Trades, observed that Bitcoin has been trading near its 2021 cycle high of $69,000 for approximately 11 weeks. He noted that similar consolidation periods in past cycles (4 weeks in 2017 and 13 weeks in 2013) were followed by significant price expansions.
“Bitcoin has now been trading against its previous cycle high for ~11 weeks,” Daan Crypto Trades said, adding, “I expect BTC to go on a parabolic uptrend once it leaves the consolidation.”
Community Consensus on Bullish Momentum
Several other crypto analysts agree with the optimistic outlook. Michaël van de Poppe, founder of MN Capital, stated that Bitcoin needs to break through $70K on a lower timeframe (LTF) basis. “Once that happens, I think we’ll see a new all-time high,” he declared.
Pseudonymous trader Jelle suggested that if Bitcoin’s price holds above $67,500 over the weekend, it could enter a price discovery phase next week.
Rekt Capital, another pseudonymous analyst, believes the bull market is already underway. He shared a chart based on standard Halving Cycles, indicating that the current bull market is at 37.9% progress.
V-Shaped Recovery Pattern
From a technical standpoint, Bitcoin’s price action has formed a V-shaped recovery pattern on the weekly chart. The bulls are now aiming to push the price towards the neckline of this pattern at $73,835, which aligns with the March 14 all-time high. Achieving this would represent an 8% increase from the current price.
So concluding all, while Bitcoin has faced resistance at $69,000, multiple indicators and historical patterns suggest that it is gearing up for a significant parabolic move. Analysts are closely watching the $67,500 support level and the potential breakout above $70,000, which could herald a new all-time high and a major uptrend for the cryptocurrency.
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