Analyst Knowing Every Step of BTC: Bitcoin Won’t Drop 80 Percent.
Bitcoin’s steps are a matter of curiosity. Bitcoin and the entire cryptocurrency market have been in a parabolic advance lately. BTC led the charge as altcoins followed the lead.
The Next Trend For Bitcoin
Where the next cryptocurrency trend will be will undoubtedly depend on whether the bulls can control the price action as they approach $ 30,000.This rally is nothing more than a parabolic move. It was really a great development that Bitcoin reached half a trillion dollar market value last night.An experienced trader now points to a parabolic trendline the cryptocurrency has formed over the past few months.He stated that although strong for now, there is a strong possibility that the coin may see a correction below the trend line in the medium term.
Bitcoin and Crypto Coins
Bitcoin and the entire crypto market have risen in the past 24 hours. The bulls took full control of BTC, raising the price to $ 28,500 overnight before facing intense selling pressure.This selling pressure caused the price to drop by more than $ 2,000, indicating a serious decline. The bulls are now trying to turn previous resistance into support in the $ 26,000 zone. However, it remains unclear whether they will be successful or not.
In a recent tweet, a trader stated that he expects Bitcoin will eventually invalidate the parabolic trend line it created.However, it doesn’t expect a very deep correction.
BTC Rally Seven Rejection at 28,500
Bitcoin surged as high as $ 28,500 before losing momentum and dropping. Buyers are now trying to prevent the crypto from recording any declines in the near term.
The current price has proven to be a strong support level over the past few days.
Peter Brandt: There is a Parabolic Trendline
Experienced trader Peter Brandt explained in a recent tweet that this recent uptrend further confirms the existence of a parabolic trendline.He stated that this trendline may soon become invalid, but he is not expecting a heavy drop.
“BTC HAS BEEN MOVING PARABOLIC SINCE SEPTEMBER 20. I EXPECT THIS CURVE TO BREAK AT SOME POINT, BUT IT WON’T CAUSE AN 80% DROP. THE GREEN CURVE IS A GREATER PARABOLIC ADVANCE FROM THE DECEMBER 2018 AND MARCH 2020 LOWS. THIS IS THE DRIVING FORCE OF THE BULL MARKET. ”
The next few days will shed some light on how far this parabolic advance will reach in the medium term.