Bitcoin Parabolic Trend Still Intact as Bulls Ramp Up Buying Pressure
Bitcoin investors have been quite pleased over the past several months as BTC has put a significant amount of distance between its 2018 lows and its current prices. It is important to note that this upwards momentum has turned parabolic in recent times, signaling that significantly further gains could be imminent.
Now, analysts are noting that Bitcoin’s recent recovery is one of the strongest that any asset has incurred throughout recent history, and that its upwards parabolic formation is still intact, which may mean that it will continue climbing higher before its momentum slows.
Bitcoin Runs Past $11,000 as Bulls Take a Victory Lap
At the time of writing, Bitcoin is trading up over 3% at its current price of just below $11,400.
Over the past several days, BTC has been consistently forming fresh upwards legs, and has incurred significant upwards momentum as a result of this.
Although the momentum is strong at the moment, it is important to note that BTC has faced some levels of resistance around $11,400, and it is unclear whether or not the cryptocurrency’s buyers will be able to muster up enough buying pressure in the coming hours/days to break above this price level.
Regardless of whether or not $11,400 will hold as a level of resistance, Bitcoin’s recent reversal has been incredibly strong, and some analysts are even noting that it is likely one of the strongest trend reversals that any asset has ever seen.
“This is probably the strongest trend reversal of an asset human race has ever experienced and it’s just getting started,” Galaxy, a popular crypto analyst on Twitter, said in a recent tweet.
Analyst: BTC’s Parabolic Trend Line is Still Intact
Importantly, BTC has been able to maintain the parabolic trend line that it formed as a result of its recent upwards momentum, which may allow it to climb significantly higher in the coming days and weeks.
Jacob Canfield, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, noting that he wouldn’t be surprised if BTC pushes $13,600 or $16,500.
“$BTC: Was hoping for a retrace to get into a better margin long position, but the parabolic trend line is still intact. Testing the 50% fib level at $11,600 now, but I wouldn’t be surprised if it pushes to the .618 or .786. $13,600 and $16,500 respectively,” he explained.
Although the possibility of Bitcoin soon surging higher is certainly exciting for investors, it is highly likely that BTC will ultimately need to either retrace slightly or consolidate for some time in order for any further price gains to be sustainable in the long-run.