Analysts expect the Bitcoin price to move parabolically after the “last” resistance

The cops are back in action, and this time they have their sights set on a new all-time high in Bitcoin (BTC) price, an impressive distance from the $ 67,000 mark.

Data from Cointelegraph Markets Pro and TradingView shows that the late-night rally on November 7th pushed the price to an intraday high of $ 66,557 and, at the time of this writing, trading volume continues to grow as the bulls attempt to close a day about it to achieve $ 66,000.

This is what analysts say about today’s rally and where the BTC price could rise in the short term.

There is only one final level of resistance

Independent market analyst Rekt Capital sent The chart below underscores his view that “there will be one final level of resistance before BTC enters the parabolic phase of the cycle”.

As can be seen in the graph above, the last major resistance holding BTC is at $ 67,000.

David Lifchitz, Managing Partner and Chief Investment Officer at ExoAlpha, explains how long this bullish breakout can last. End.”

A word of caution has been voiced by Lifchitz, however, as this story involves Mt. Gox could reassert its hold on the crypto market in 2022, potentially staving off any upward momentum.

Liftchitz said

“With the Mt.Gox liquidation coming in January due to the close of the historic quarter (Q1), the bears will likely take revenge by then. That being said, the cops are now in power and I see no reason for them to return except for normal breathing unless there is drastic news on the regulatory front … “

The “compulsion” has only just begun

A second upward move to Monday’s price action was made by options trader and Twitter crypto analyst ‘John Wick’, who sent The chart below shows a breakout into a key area of ​​resistance as BTC price approaches the “clear skies” above.

Buck said

“The breakout to the limit has only just begun and we are close to the ATH. No more resistance after ATH! “

Related: Bitcoin Overtakes Tesla and Facebook – Will Amazon Be Next?

Historical fractals suggest an imminent bull run

One final view is given by the crypto analyst and Twitter user nicknamed “TechDev” who sent The graph below compares price movement during previous Bitcoin bull cycles to the current market.

The current stage of the market as compared to previous cycles is indicated by a yellow circle and the words “You are here” suggesting the possibility that a parabolic breakout could occur within a few days. next month for Bitcoin if the current cycle is the same as the previous two cycles.

The total crypto market cap is $ 2.877 trillion and the dominance of bitcoin is 43.3%.