Bitcoin's Price Soars to $98,000: Is a Parabolic Surge to $100,000 Next?

The Bitcoin price has been on a relentless pursuit to break past the $100,000 all-time high, continually testing resistance levels above $95,000. Following a recent surge to $98,000, crypto analyst Rekt Capital has declared that Bitcoin has officially entered its parabolic phase in this four-year market cycle.

Bitcoin Price Enters Parabolic Phase

Rekt Capital, boasting 517,800 followers on X (formerly Twitter), has shared insights indicating that Bitcoin, the world’s largest cryptocurrency, is now in its "Parabolic Upside phase". He illustrated this transition with a chart comparing the current bull cycle to the 2021 bull run.

After the 2022 halving event, Bitcoin experienced a massive rally, reaching its peak of over $64,000 in 2021 after a significant correction. A similar trend is now visible, suggesting potential for further price rallies. Recent months saw the BTC price undergo a re-accumulation phase, characterized by slight declines and consolidation, before climbing above $99,000.

Rekt Capital confirmed that with Bitcoin hitting $98,000, the cryptocurrency has successfully entered its parabolic upside phase, which could lead to further price increases, aligning with analysts’ bullish expectations.

Bitcoin Price: $100,000 ATH – Now Or Never

The crypto community is buzzing with excitement as many analysts and investors anticipate a surge to $100,000. Bitcoin has recently traded just below this milestone, with fluctuations above $98,000 noted in the past week.

Another analyst, known as Trader of Crypto on X, emphasized that “the clock is ticking” for Bitcoin to reach $100,000. He maintains a bullish outlook, asserting it is only a matter of time before Bitcoin surpasses this milestone. However, he also warned of a potential crash towards $46,757 if bearish trends take over.

Currently, Bitcoin is trading at $96,965, marking a 1% increase in the past 24 hours, according to CoinMarketCap.

Featured image from Pexels, chart from TradingView