thecryptobasic.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.
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 until November 2021, when BTC reached the previous $69,000 all-time high.
Bitcoin Rally Could Last Until Late 2025
The latest chart section shows the ongoing cycle in 2024, with the same structures popping up. The analyst asserts that, based on historical data, this parabolic phase could extend up to 385 days, though it typically averages around 300 days.
#BTC
History suggests the Parabolic Phase of the cycle can last even up to 385 days (green)
Bitcoin is only in Week 2 of its current Parabolic Phase of the cycle$BTC #Crypto #Bitcoin pic.twitter.com/ezjFSZbJMI
— Rekt Capital (@rektcapital) November 13, 2024
If the analyst’s projections materialize, this could just be the beginning of a massive rally that may last well into 2025. Market veteran Mile Deutscher also believes Bitcoin’s rally is in the early stages, predicting a possible top around Q3 2025.
In addition, VanEck’s digital asset research head, Matthew Sigel, expects Bitcoin to double its price to $180,000 within this cycle. He also insists that the latest uptrend has just began, with more upside potential.