The price of Bitcoin (CRYPTO:BTC) has reached a new all-time high of $80,000. This milestone occurs in the midst of an accelerated bullish cycle, known as the “parabolic phase,” according to the analyst Rekt Capital.
What happened
According to CriptoNoticias, Bitcoin’s parabolic phase, which follows the halving (an event that halves the issuance of bitcoins every four years), has been underway since the last halving in April 2024. During this phase, the leading Cryptocurrency experiencing accelerated growth.
In the 2017 cycle, it took 8 weeks of upside into Price Discovery before #BTC experienced any sort of deeper pullback
In the 2020/2021 cycle, $BTC rallied 4 weeks into Price Discovery before a deeper pullback
It’s only Week 1 right now#Crypto #Bitcoin
— Rekt Capital (@rektcapital) November 10, 2024
The analyst Miles Deutscher He has also noted that we are in the massive expansion phase of the cycle, where the biggest gains are made, although it is more difficult to navigate.
OTHERS (Altcoin)/BTC chart.
Wow. We really haven’t seen ANYTHING yet. pic.twitter.com/ftUeo2aMNe
— Miles Deutscher (@milesdeutscher) November 11, 2024
With the victory of donald trump In the US elections, there is speculation that Bitcoin could reach $100,000 before his inauguration on January 20, due to his plans to adopt Bitcoin as a national reserve.
Additionally, Bitcoin exchange-traded funds in the US have seen record inflows, driven by Trump’s election win and a new interest rate cut, increasing market liquidity.
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Why is it important
Bitcoin has entered an overbought zone, according to the Relative Strength Index (RSI), which could signal an imminent correction in the market.
However, the unrealized gains of MicroStrategy (NASDAQ:MSTR), which holds the largest amount of bitcoins in the world, has reached $10 billion, doubling the value of its initial investment.
Besides, El Salvador has made profits of $200 million thanks to its strategic investment in bitcoin, after declaring the cryptocurrency as legal tender.
These events highlight the growing acceptance and integration of Bitcoin into global economies and markets.
Photo courtesy of Shutterstock
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