Bitcoin Price is Ready for a “Parabolic Curve” Despite BTC Rejection at $69K

Bitcoin Price is Ready for a “Parabolic Curve” Despite BTC Rejection at $69K

The Bitcoin price is trading at $68,506 as of 2:30 am EST, down 0.86% over the last 24 hours. Despite BTC’s continuous rejection from the 2017 all-time high of $69,000, the big crypto appears “ready for the next leg up,” according to a crypto analyst.

In a May 26 post on X, crypto analyst Moustache shared a BTC/USD weekly chart (see below) showing that the relative strength index has turned away from the oversold region and back to the neutral zone. At the same time, the price had reclaimed the 2021 all-time high, with the 20-week simple moving average remaining untouched.

The analyst noted that a similar thing happened in the previous bull cycles before it entered the parabolic uptrend.

“Things that also happened very similarly in 2017 and 2020 before we saw the parabolic curve. I think crypto is ready for another leg up.”

BTC/USD weekly chart. Source: Moustache
BTC/USD weekly chart. Source: Moustache

According to Moustache, Bitcoin remains bullish as long as it remains above the 20-week EMA, which currently acts as immediate support at $60,457.

Fellor analyst Daan Crypto Trades also took note of the rejection from the $69,000 level, Bitcoin’s 2021 all-time high.

“Bitcoin has now been trading against its previous cycle high for ~11 weeks,” he said, adding that the length was 4 weeks in 2017 and 13 weeks in 2013, with BTC price breaking into a “massive expansion afterwards” in both cases.

As such, he said he expects BTC to go on a parabolic uptrend once it leaves the consolidation.

A few other crypto analysts also agree that BTC will embark on a massive uptrend once the price breaks out of consolidation.

“Bitcoin needs to break through $70K on the LTF basis. Once that happens, I think we’ll see a new ATH,” declared MN Capital Michaël van de Poppe analyst and founder.

If Bitcoin’s price holds above $67,500 over the weekend, “we send it into price discovery next week,” added pseudonymous crypto trader Jelle.

Pseudonymous crypto trader Rekt Capital is under the belief that Bitcoin’s bull market is in progress.

He shared the following chart, which includes a progress bar based on standard Halving Cycles, showing that the bull market is at $37.9%.

BTC/USD monthly chart. Source: Rekt Capital
BTC/USD monthly chart. Source: Rekt Capital

From a technical point of view, the BTC price action had formed a V-shaped recovery chart pattern on the weekly chart.

The bulls will now try to push the price back toward the neckline of the governing chart pattern at $73,835, embraced by the March 14 all-time high. If this happens, it will represent an 8% uptick from the current price.

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