Bitcoin’s 2020 uptrend has drastically shifted the market structure of BTC, which was previously shaping up to be incredibly bearish while it was hovering within the $6,000 region.
The subsequent rallies from this price region, however, have allowed it to climb all the way up to $9,200, which appears to be a key resistance level that bulls are currently in the process of contesting.
Now, one prominent analyst is noting that Bitcoin is currently on the brink of a massive parabolic rally that could send it to fresh all-time highs, although the cryptocurrency needs to break through a resistance level that currently sits roughly 64% above its current price.
Bitcoin’s Ongoing Rally Could Soon Turn Parabolic if Bulls Push it Above $14,200
At the time of writing, Bitcoin is currently trading down marginally at its of $8,650, which marks a notable decline from recent highs of $9,200 that were set when bulls attempted to propel the crypto towards the five-figure price region.
The rejection at this level has bolstered bears, but the crypto has been able to remain above its near-term support at $8,500.
In order for this ongoing rally to be more than just a fleeting relief pump, bulls will need to build major strength and push it above $14,200.
NebraskanGooner – a well-respected cryptocurrency analyst on Twitter – spoke about the importance of this level in a recent tweet, telling his followers that a weekly close above this price would open the gates for a rapid parabolic climb to fresh all-time highs of $75,000.
“History tells us that a weekly close above the 0.65 fibonacci will send BTC into a new parabolic bull run. The 0.236 fib has often acted as a bottom and the 4.23 fib has been exceeded each time. This means a weekly close above $14,200 would see BTC reach over $75,000,” he explained while referencing the levels marked on the below chart.
History tells us that a weekly close above the 0.65 fibonacci will send BTC into a new parabolic bull run.
The 0.236 fib has often acted as a bottom and the 4.23 fib has been exceeded each time.
This means a weekly close above $14,200 would see BTC reach over $75,000.
— Nebraskangooner (@Nebraskangooner)
Other Analysts Agree: Fresh All-Time Highs May Be Right Around the Corner
NebraskanGooner isn’t the only analyst who is noting that Bitcoin is on the cusp of a major rally, as Galaxy – another prominent analyst – recently told his nearly 60k followers that BTC is close to breaking a key multi-year trendline that could catalyze a move to $100,000.
“Breaking the green line will be what triggers the next parabolic movement that will take us to $100K minimum. Save this picture. You are not late. You are early,” he boldly stated.
Breaking the green line will be what triggers the next parabolic movement that will take us to $100K minimum.
Save this picture.
You are not late. You are early.
— Galaxy (@galaxyBTC)
Although bulls do have some serious work ahead of them if they want to generate a movement of this kind of magnitude, it does appear that the stars are once again beginning to align for Bitcoin.
Featured image from Shutterstock.