Bitcoin (BTC) kicked off the week by breaking out of a bullish pattern, sitting just 3.4% below its all-time high. The cryptocurrency has surged 32% in the last two weeks, reaching $89,000-$90,000. Its price has been hovering between $89,000-$92,000, with the anticipation of further increases as BTC enters its 'parabolic phase.'
Analysts note that, historically, Bitcoin experiences a parabolic run for around 300 days each cycle, suggesting there's more upside to come. This pattern has previously seen BTC surge for weeks before any significant pullback, reminiscent of its 2013 and 2020-2021 cycles.
Market watchers highlight Bitcoin's consolidation at the $89,000-$90,000 level, which now serves as a support zone, suggesting a massive move could soon lead BTC to the $100,000 mark. Analysts predict the possibility of hitting this target by the end of the week.
As Bitcoin trades at $90,260, a 10% weekly increase, its continuation of the uptrend aligns with historical patterns, hinting at new all-time highs if the breakout continues.
