The post Market Expert Suggests Bitcoin Typically Has 385 Days of Uptrend, But Currently in Week 2 appeared on BitcoinEthereumNews.com.

According to a market analyst, the recent Bitcoin rally on the back of favorable political outcomes in the U.S. shows potential to reach even greater heights.  Following Donald Trump’s victory and the election of a largely pro-crypto Congress earlier in the month, Bitcoin saw an immediate price surge, reaching a new all-time high of $76,481 following the vote counting exercise.  Since then, the price has continued to climb, breaking above $80,000 on Nov. 10 and then surpassing the $90,000 mark on Nov. 12. Its latest peak of $93,483 occurred yesterday. Following a pullback from the $93K top, Bitcoin currently trades around $90,836, marking a 32% increase since the election. Despite this impressive growth, prominent market analyst Rekt Capital suggests that the current rally is just beginning. According to Rekt Capital, Bitcoin could be entering a “parabolic upside” phase, which historically lasts up to 385 days.  He points out that Bitcoin is only in the second week of this phase, suggesting there may still be significant room for further gains. Historical Uptrend Cycles An accompanying chart confirms that Bitcoin’s long-term cycles display recurring uptrend phases following market downturns. The chart highlights specific points from previous bullish cycles in 2016 and 2020, along with the current one in 2024, to support his analysis. Bitcoin 1M Chart | Rekt Capital In 2016, Bitcoin entered a phase that lasted 518 days from July, with a volume of 5.4 million BTC. Within this phase, it began its parabolic bull uptrend in April 2017 until March of that year, reaching a peak of $19,666 after 244 days of an upward rally. A similar pattern occurred in 2020. Bitcoin entered its next phase from May 2020, lasting 517 days with a volume of 4.889 million BTC tokens. This phase’s parabolic uptrend began in December 2020 and persisted…

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Filed under: News - @ November 14, 2024 8:28 pm