- BTC cycle theorists are confident of an upcoming parabolic rally
- However, near-term hurdles remain for BTC bulls.
After a difficult start in the second quarter of 2024, Bitcoin [BTC] has recovered remarkably from a low of $64.5K to $69.7K at the time of writing. That’s a rise of over $5,000 and an 8% rally for bulls who chose the dip.
But at the time of writing, the February-April trendline support had yet to be reclaimed. Nevertheless, Bitcoin market cycle theorists believe it could witness a wild parabolic rally.
One of the theorists, Vijay Boyapati, an internet personality and author of ‘The Bullish Case for Bitcoin’, noted That;
“But once you hit an all-time high, there’s basically no oversupply anymore, and then you have an open field of price discovery where the price can start to go parabolic.”
Impending Wild BTC Rally According To Historical Data
Other market cycle theorists echoed a similar position to Boyapati.
Crypto research analyst Rekt Capital, noted that a weekly close above the 2021 cycle high of $69,000 was crucial for further upside potential.
“Bitcoin has recovered above the ~$69,000 level. Now just look at the new Weekly Candle Close like this one to fully confirm this.”
The weekly candlestick indeed closed at $69.36K, confirming his statement. Based on the BTC cycle, the analyst views the reaccumulation breakout as the start of a parabolic rally.
For his part, Steve Courtney from Crypto Crew University said: joked that Bitcoin will be in the final phase of the bull cycle when it closes above $68.6K on the monthly chart.
Additionally, Courtney highlighted that the asset could see a parabolic rally if BTC closes above $68.6K in late April.
However, the previous multi-month trendline support, the $71K resistance and macroeconomic headwinds are near-term hurdles worth considering.