5 Ways Bitcoin’s Parabola Rise May Correct Before Next All Time High Of BTC In USD Value
5 Ways Bitcoin’s Parabola Rise May Correct Before Next ATH
- Bitcoin in correction as price drops below $7,600 level
- Moving forward, Bitcoin can see a number of corrections, some very deep
Bitcoin is currently going through correction yet again. Just before the weekend, the leading cryptocurrency dropped below $6,200 level only to recover back and climb to about $8,200. Today, BTC opened at just above $8,000 but since then has taken a drop of nearly 3 percent.
At the time of writing, the flagship cryptocurrency has been trading at $7,732, going to as low as $7,581.
BTC Price chart, Source: TradingView
As we have reported experts believe Bitcoin is very well on a parabolic rise that will see the world’s leading cryptocurrency making new all-time highs that could take it to even at $1 million per BTC.
Recently, Bitcoin proponent, Max Keiser doubled down on his $100k price prediction for Bitcoin that would put Bitcoin’s market cap at $2.1 trillion given its 21 million total supply.
Bitcoin has already surged 79,369,900.00% since first going on an exchange but there is all the more scope in future.
The ongoing correction is just a tiny bump in its road to a new peak. However, it is not all, moving forward on its parabolic rise we could see more corrections. Crypto analyst Waves618 said “many ways these parabola's may correct,” while sharing a chart that led to 2017 high.
During the last bull run, the first correction pattern pointed out by Waves618 is a triangle. In early November 2015, BTC went to $485 from $204 in January and then falling to $312 in less than a week after. Again in December, the leading cryptocurrency climbed to $460 and then down to $367 in February 2016.
The second correction pattern noted is Zig-Zag in June 2016 that saw BTC at $772 from $440 in May and then again after a week, we fell down to $582. In July 2016, we remained above $650 for the most part only to plunge to $533 in early August.
Running flat is the third correction seen by Bitcoin. This occurred when in early January 2017, Bitcoin surged to $1,189 only to drop down to $765 a week after. Again in March, it jumped to $1,200 and then dropping to $926.
Yet again with a Zig-Zag pattern, in July 2017, we dropped to $1,900 from the high of $2,760 in late June. From here, we continued to climb to above $4,300 but again dropped to $3,880 in August 2017.
With Expanded flat, in mid-September, Bitcoin dropped down to $2,988. From here we constantly moved upwards to $7,700 in November. But then a week later, we were back to $5,500 level.
All of this means, moving forward, we can see many corrections that could be severe as well, but to reiterate here, they all are just a small step backward for a bigger step forward.