Bitcoin is rallying today after the sharp downfall. The cryptocurrency lowered to $8,400 during the last days but then it began a fast increase, reaching almost $8,800 today.
The investors expected that the price would reach $9,200, as at the beginning of 2020 it rallied to $9,186. But instead, bitcoin started to decline, plunging lower and lower. At least, such a fast fall and rise show, that the cryptocurrency’s current price level has extensive support. It also gives investors hope that the uphill will continue.
As Bitcoin’s Rally Continues, it Seems, Fractal Could Turn Parabolic
At present, experts are speculating about the radical changes. There is quite an uproar on Twitter, with the crypto analysts exchanging their predictions. NebraskanGooner thinks that a weekly close above the 0.65 Fibonacci will send Bitcoin into a new parabolic bull run. That instead could mean a weekly end above $14,200, in which case BTC would reach over $75,000.
A few hours ago, bitcoin was trading under 1% at the price of $8,740. There is a good possibility that the bulls will manage to raise the price to its recent high $9,186 and even surpass $9,200. Some investors even contemplate that if the next moves prove successful, they could reach the five-figure price region.
This hope isn’t futile. The fractal pattern shows that it can reach $11,000 before it encounters any noteworthy obstacle. Dave The Wave, another famous analyst, also wrote on Twitter about rising fractal. He seems to agree with this prediction. He added that the symmetrical triangle formed may serve to provide some resistance if the price continues to break higher on another smaller parabolic run.
It’s a real possibility that the rally will lead to a considerable resistance region, but if the price overcomes 2019’s highs, then bitcoin will set the new record.
- Trading Instrument