Bitcoin Breaking This Single Level Will Spark a Parabolic 800% Rally

Bitcoin Breaking This Single Level Will Spark a Parabolic 800% Rally

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 current price 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.

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.

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.

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