Bitcoin\u2019s 2020 uptrend has drastically shifted the market structure of BTC, which was previously shaping up to be incredibly bearish while it was hovering within the $6,000 region.<\/p>\n
The subsequent rallies from this price region, however, have allowed it to climb all the way up to $9,200, which appears to be a key resistance level that bulls are currently in the process of contesting.<\/p>\n
Now, one prominent analyst is noting that Bitcoin is currently on the brink of a massive parabolic rally that could send it to fresh all-time highs, although the cryptocurrency needs to break through a resistance level that currently sits roughly 64% above its current price.<\/p>\n
At the time of writing, Bitcoin<\/a> is currently trading down marginally at its current price<\/a> of $8,650, which marks a notable decline from recent highs of $9,200 that were set when bulls attempted to propel the crypto towards the five-figure price region.<\/p>\n The rejection at this level has bolstered bears, but the crypto has been able to remain above its near-term support at $8,500.<\/p>\n In order for this ongoing rally to be more than just a fleeting relief pump, bulls will need to build major strength and push it above $14,200.<\/p>\n NebraskanGooner \u2013 a well-respected cryptocurrency analyst on Twitter \u2013 spoke about the importance of this level in a recent tweet, telling his followers that a weekly close above this price would open the gates for a rapid parabolic climb<\/a> to fresh all-time highs of $75,000.<\/p>\n \u201cHistory tells us that a weekly close above the 0.65 fibonacci will send BTC into a new parabolic bull run. The 0.236 fib has often acted as a bottom and the 4.23 fib has been exceeded each time. This means a weekly close above $14,200 would see BTC reach over $75,000,\u201d he explained while referencing the levels marked on the below chart.<\/p><\/blockquote>\n #bitcoin<\/a><\/p>\n History tells us that a weekly close above the 0.65 fibonacci will send BTC into a new parabolic bull run.<\/p>\n The 0.236 fib has often acted as a bottom and the 4.23 fib has been exceeded each time.<\/p>\n This means a weekly close above $14,200 would see BTC reach over $75,000. pic.twitter.com\/gBmUxx3nE7<\/a><\/p>\n — Nebraskangooner (@Nebraskangooner) January 20, 2020<\/a><\/p><\/blockquote>\n\n