Bitcoin Poised for Parabolic Surge if This Level Holds, Says Crypto Expert

Bitcoin has recently achieved a major milestone, rallying to new all-time highs after successfully filling a significant CME Gap, as noted by prominent cryptocurrency analyst Rekt Capital.

The price action has closely followed a predicted pathway outlined in the RC Newsletter three weeks ago, highlighting a positive shift for the leading digital asset.

The latest price surge marks a successful retest of the May highs, which were previously set at around $67,500. This level has since transitioned from resistance to support, effectively acting as a springboard for Bitcoin’s new record-breaking highs. The fact that Bitcoin has managed to break through these key levels signals strength in its ongoing rally.

Looking ahead, Bitcoin is at a critical juncture. To confirm its transition from the reaccumulation phase into a parabolic upside phase, BTC needs to maintain a weekly close above the $71,500 mark. A sustained hold above this level would indicate that the market is prepared for further upward movement.

READ MORE:

Bitcoin Dominates Market as Altcoins Struggle to Keep Up

If Bitcoin can secure a monthly close around this level, it would set a historic precedent for the cryptocurrency. Analysts and investors alike will be watching closely to see if Bitcoin can maintain its momentum and continue to build on this newfound support around $71,500.

For now, Bitcoin’s path appears bullish, but the key test will be whether it can hold above this crucial support level in the coming weeks.

Alexander Stefanov