The crypto market experienced a significant bullish momentum following Donald Trump’s victory as the 47th President of the United States. This led to Bitcoin prices entering a phase of price discovery, with potential for a ‘parabolic’ rally as it exits its post-halving consolidation phase. By press time, the Bitcoin price had traded at $76,153, with an intraday gain of 0.31%.
The asset’s market cap surged to $1.5 trillion, while the 24-hour trading volume stood at $64.6 billion. On November 6th, the crypto market witnessed a strong wave of bullish momentum due to Trump’s win. The renewed recovery pushed the Bitcoin price over 10% to hit a new all-time high of $76,990. Following the breakout, spot BTC ETFs recorded a massive inflow of $1.376 billion on Thursday, indicating institutional investors are positioning themselves for further gains.
Analyst Right Captial highlights Bitcoin’s potential for a parabolic rally, as the current trajectory resembles previous post-halving consolidation. In May 2020, Bitcoin price predictions showcased a 161-day sideways trend before initiating a rally that peaked at $64,000 in April 2021. The crypto market today shows a BTC price breakout out of a +200-day accumulation, with the prolonged consolidation significantly reducing the cycle’s typical acceleration time, compressing it from 260 days to just 13 days.
A weekly candle close above the $71,500 level could act as a catalyst to trigger a major bull run. Bitcoin’s recent price surge is supported by renewed interest from whale investors. Large holders (wallets holding 1,000 to 10,000 BTC) have increased their holdings from 4.68 million BTC to 4.74 million BTC.
This accumulation implies that the smart money trade believes the Bitcoin price could drive a prolonged recovery trend, potentially targeting $100,000. If the coin price plunges below the $71,500 level, however, sellers could strengthen their grip over the asset and drive a fresh correction trend.
