As a seasoned crypto investor with a decade of experience navigating market cycles, I find myself intrigued by the current bullish momentum in the crypto market, particularly the price movement of Bitcoin. The echoes of Donald Trump’s victory as the 47th President of the United States seem to have reverberated through the market, fueling a surge that has propelled BTC to new heights.
In simple terms, after Donald Trump’s election as the 47th U.S. President, the cryptocurrency market experienced a surge in positive trends. As Bitcoin‘s price moves into a new pricing phase, crypto experts predict a possible steep increase (parabolic rally) for BTC as it breaks free from its post-halving period of stability.
At the end of the reporting period, Bitcoin’s price stood at approximately $76,153, marking a daily increase of 0.31%. As reported by CoinGecko, the market capitalization of this digital asset reached an impressive $1.5 trillion, and its 24-hour trading volume fluctuated around $64.6 billion.
Bitcoin Price Poised for Parabolic Growth with Critical Weekly Close
6th November marked a significant surge in the crypto market, driven primarily by the victory of Donald Trump in the US presidential election. This fresh wave of optimism propelled the price of Bitcoin past 10%, reaching an unprecedented peak of $76,990, setting a new record high.
On Thursday, there was a significant surge of $1.376 billion into Bitcoin Spot ETFs after the price jump, suggesting that institutional investors are preparing to capitalize on potential future increases.
According to a recent tweet from analyst Rekt Capital, Bitcoin could be on track for a dramatic surge, similar to its past patterns after periods of consolidation.
As an analyst, I observed that by May 2020, the predicted price of Bitcoin was moving sideways for approximately 161 days. However, this trend shifted in April 2021, culminating in a rally that reached its peak at $64,000.
Today, we’re witnessing a surge in the cryptocurrency market as Bitcoin (BTC) breaches its 200-day accumulation phase. After an extended period of consolidation, this cycle has seen a dramatic decrease in its usual expansion time, shrinking it from approximately 260 days to merely 13 days.
According to the analyst’s graph, closing the week at a price above $71,500 might serve as a spark that initiates a significant upward trend in prices.
Whale Accumulation Fuels BTC Recovery
Based on Santiment’s data analysis, it appears that the recent rise in Bitcoin’s price is fueled by a growing interest from large-scale investors, often referred to as “whales.” During the market upturn caused by the elections, these significant investors have significantly increased their Bitcoin holdings from approximately 4.68 million BTC to around 4.74 million BTC.
Based on this buildup, it seems smart money traders are confident that Bitcoin’s price may sustain a long-term uptrend, with a possible goal of reaching $100,000.
From my perspective as a crypto investor, if the price of this coin falls below the $71,500 mark, the sellers might gain more control, potentially leading to a new downtrend in its value.
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2024-11-08 17:52