What’s Next For bitcoin?
For one reason or another, the past few weeks have seen () and its ilk freeze. The market has been stuck in an odd holding pattern, whereas volatility has fallen, ranges have been established, and volume has begun to diminish.
There is an argument to be made that is about to skyrocket higher though. In a recent tweet, Tuur Demeester, a partner at Adamant Capital that recently penned a , drew attention to a “bullish short-term scenario” for .
Seen below, Demeester notes that continues to hold in a bullish parabola, which has acted as support for since December 13th’s jaw-dropping bottom. In fact, the asset touched the parabola in February, late-March, early-April (to kick off the current rally), throughout early-May, and just last week. If this trend continues, the Adamant representative suggests that could rally by 50% — around $3,600 — from current levels to hit $11,000 by early-June.
While this sounds a bit zany, especially considering that buying volume has begun to decline, there are other analysts that think could easily hit five digits in the current foray higher.
Analyst Galaxy out that is currently within a symmetrical triangle pattern, which studies state has a 60% chance of leading to a price breakout. If this breakout occurs, the analyst suggests that a move to $10,000. Galaxy’s peer, Crypto Rand, has corroborated this call, also noting that the triangle formation suggests a breakout to the $10,000 region, as there exists the next set of key horizontal resistances for .
Moon Overlord has . He states that is still bullish, despite the recent consolidation, as it trades above key resistance levels at $7,000, $7,300, and $7,400; and continues to trade in two clear parabola patterns, which have both yet to go entirely vertical (signals the end of the parabolic trend). This, coupled with the fact that markets on BitMEX have recently seen their of buying volume ever, lead Overlord to suggest that could soon break above the local resistance of $8,400 to $8,500, and then begin a rally to the $10,000 price point.
It is important to note, however, that there is another side to this equation. In an earlier tweet, Demeester reminded his followers that for parabolic moves to be sustained, momentum is of the essence. With currently looking as though it is double topping at $8,300, he notes that a drawdown could be imminent or that the parabolic trend may be coming to a head.
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Published at Mon, 27 May 2019 01:01:18 +0000
