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November 22, 2024
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Bitcoin third ‘parabolic advance’ in progress; Is $250,000 next?


After Bitcoin (BTC) reached an all-time high of over $73,000, investors are anticipating a possible resurgence in the rally as they aim for the coveted $100,000 mark.

In this context, a crypto analyst has noted that Bitcoin is currently undergoing its third parabolic advance—a pattern that has historically led to significant price surges.

According to an analysis shared by Titan of Crypto in a post on X on August 11, this parabolic advance could potentially push Bitcoin’s price to new all-time highs, possibly reaching $250,000.

Bitcoin price analysis chart. Source: TradingView/Titan Crypto

The analysis examines Bitcoin’s price movements over the past decade, highlighting key breakout moments followed by rapid price increases. These patterns, termed “parabolic advances,” occur when Bitcoin’s price accelerates exponentially after a breakout, followed by three distinct phases of growth.

The first parabolic advance took place between 2011 and 2013. After an initial breakout in late 2011, Bitcoin’s price entered a parabolic rise, peaking in late 2013. Bitcoin surged from below $10 to nearly $1,200 during this period.

The second parabolic advance occurred between 2015 and 2017. Following the 2014-2015 bear market, Bitcoin experienced another breakout in 2015, leading to its second parabolic advance. This phase saw the cryptocurrency climb from around $200 to its all-time high of nearly $20,000 by December 2017.

The current phase began with a breakout in late 2020 and a sharp rise to $69,000 in 2021. After a corrective phase marked by a “Black Swan” event, Bitcoin has entered this parabolic movement’s third phase. 

Bitcoin’s path to $250,000

According to the expert’s analysis, Bitcoin is now in the midst of its third parabolic advance, similar to previous cycles. The chart patterns indicate that Bitcoin has already completed its first and second advances within this cycle and is now embarking on the third and final phase.

Historically, the third advance has often been the most explosive, characterized by rapid gains within a relatively short timeframe. If this pattern continues, Bitcoin could break its previous all-time high and surge toward $250,000.

While past performance is not always indicative of future results, if the current parabolic advance mirrors previous ones, Bitcoin could reach unprecedented levels. Indeed, Bitcoin has recently recovered following a flash crash that briefly saw its price dip below $50,000 amid recession fears in the United States.

Bitcoin is striving to establish its price above the $60,000 mark, which is crucial for reclaiming the $70,000 level.

Bitcoin price analysis

By press time, Bitcoin was trading at $60,202, reflecting a 0.8% correction in the last 24 hours.

Bitcoin seven-day price chart. Source: Finbold

In the meantime, Bitcoin and the broader crypto market are closely watching upcoming economic data, particularly the inflation rate, as it will likely influence the trajectory of a possible recession.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.



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