Bitcoin (BTC) About to Go Parabolic Uptrend: Is $150k Next?

As Bitcoin (BTC) continues to trade around the $68,500 mark, crypto analysts are becoming increasingly optimistic about the flagship cryptocurrency’s future price action. Despite facing rejection at the crucial $69,000 level, which represents the 2021 all-time high, many believe that Bitcoin is poised for a significant uptrend in the coming weeks and months.

TLDR

Bitcoin price is trading around $68,500, with analysts suggesting that BTC is ready for the next leg up and a potential parabolic uptrend.
Historical data shows similarities between the current BTC price action and previous bull cycles, indicating that Bitcoin might be poised for a significant price surge.
On-chain metrics, such as low net deposits on exchanges and moderate miner selling, suggest a bullish sentiment for Bitcoin.
Some analysts predict that BTC could reach $95,000 by June and even $150,000 by the end of the year, while others expect a short-term correction to around $60,000.
Bitcoin whales have been accumulating significant amounts of BTC, with the balance of active whale addresses reaching nearly half a million BTC.

Several analysts have pointed out similarities between the current BTC price action and previous bull cycles, suggesting that history might repeat itself.

#Bitcoin

-Weekly RSI crossed bullish and entered the blue zone✅-ATH (orange line) reclaimed✅-SMA 20 line touched✅

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. pic.twitter.com/fH4saHAGet

— ????????????????????????????ⓗ???? ???? (@el_crypto_prof) May 26, 2024

In 2016, for example, Bitcoin’s relative strength index (RSI) surged from 60 to 90 three times before the price eventually peaked. As of now, the RSI has only spiked once, indicating that the current bull rally may have more room to run.

On-chain metrics also paint a bullish picture for Bitcoin. The net deposit of BTC on exchanges remains low compared to the last seven-day average, hinting at reduced selling pressure.

Additionally, miners are selling at a moderate rate, as evidenced by the low Miner Position Index (MPI). The funding rate for Bitcoin derivatives is also in the green, suggesting that investors are actively buying BTC.

While some analysts predict that Bitcoin could reach $95,000 by June and even $150,000 by the end of the year, others remain cautious, expecting a short-term correction to around $60,000.

However, the overall sentiment remains bullish, with many believing that any dips within the current range should be viewed as buying opportunities.

One of the most significant factors contributing to the bullish outlook is the accumulation of Bitcoin by whales.

Data from CryptoQuant shows that the balance of active whale addresses has reached nearly half a million BTC, the largest on record. This suggests that large investors are confident in Bitcoin’s long-term prospects and are using the current consolidation phase to increase their holdings.

As Bitcoin continues to navigate the critical $69,000 resistance level, market participants will be closely watching for signs of a breakout or breakdown.

With the Bitcoin halving “not priced in” according to some analysts, and the potential for a parabolic uptrend in the coming months, the stage appears to be set for an exciting period in the world’s largest cryptocurrency market.