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Home > News
Published: 08/04/2024
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Author: Leexim
Bitcoin Rebounds to $71,000, Gearing Up for an Explosive Price Surge
BTC cycle theorists are optimistic about an upcoming parabolic rally, yet BTC bulls still face short-term obstacles.
Azcnews
After initial challenges in Q2 2024, Bitcoin’s price has seen a significant recovery from a low of $64.5k to $71k at the moment. However, the trendline support from February to April has not been restored at this time. Even so, Bitcoin market cycle experts believe that a surprising parabolic price increase is possible.
One of these theorists is Vijay Boyapati, a famous internet personality and author of the book “The Bullish Case for Bitcoin”. He emphasized that when Bitcoin reaches its peak, there is no real surplus in supply, and this could open up a large field for parabolic price increases.
A sharp price increase is about to happen?
Following historical data, it appears that a wild rally in Bitcoin’s price is about to take place. Other market cycle analysts also share similar views to Boyapati. For example, crypto research analyst Rekt Capital noted that a weekly close above the 2021 cycle high of $69k is crucial to warrant further upside.
To be clear, Bitcoin has recovered beyond ~$69,000 and the weekly candle close at $69.36k proves these points right. Given Bitcoin’s cycle, analysts believe that a breakout after the accumulation phase could be the start of a parabolic rally.
Related: Genesis Completes GBTC Conversion, Retrieves 32,000 Bitcoin
Steve Courtney from Crypto University Crew also quipped that Bitcoin will enter the final phase of its bull cycle if it continues to close above $68.6k on the monthly chart. He also emphasized that if Bitcoin continues to close above $68.6K by the end of April, it could see a parabolic price increase.
However, trendline support that has existed for the past few months, the $71K resistance level, and other macro factors remain short-term hurdles to consider.
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