Bitcoin Bull Market Gets Everyone Hyped, Parabolic Trend Currently Present - It It Too Soon Yet?

Last weekend’s Magical Crypto Conference was and continues to be highly spoken of. One event that took place was Charlie Lee’s success in selling unique Litecoin collectibles, which has grabbed the attention of many, as reported by Bitcoin Exchange Guide (BEG).

Another interesting thing about the Magical Crypto Conference, which pokes fun at the current bull market, is the presence of an actual bull! As per Bloomberg, a real-life bovine named “Little Dude” supposedly greeted crypto fanatics. With faith in Bitcoin (BTC) either never lost or regained, many have been trying to understand what’s to come for BTC in the future.

According to the CEO of crypto exchange, eToro, Yoni Assia, “A lot of people say, “party like it’s 1999,”” which might be a reference to 2017’s ultimate and popular bull run. That year saw BTC experience a 1400% increase in prices alone, with many calling it “digital gold,” writes the news platform.

This month has treated BTC well, as its price has seen a relative spike in prices. Interestingly, the current shape of its trend is an upward trending parabola. This was noted in one of BEG’s recent posts, where crypto trader, DonAlt noted that if BTC’s prices don’t go below the 6,400 mark, then the bull market is here for stay.

bitcoin-bull-market-price-charts

News outlet U Today also reported on the presence of parabolic trends. In particular, it was noted that Chief Analyst at eToro, Mati Greenspan believes that it’s normal for BTC to experience such a move. He supposedly gave the example of BTC’s 85% drop in value as travelling down a parabola.

As per U Today, Greenspan trusts that:

“The market is at the moment about to begin a new rise, the start of which the community has witnessed recently.”

As for the recent drop in BTC, Greenspan does not seem to be concerned by it as he believes it is a natural part of growth.

Bitcoin’s Recent Value Goes Down: Crypto Bulls and Bear At Tug of War for Future BTC Prices

In a recent Bitcoin Exchange Guide (BEG) report, the reasons why Bitcoin’s (BTC) transaction fees increased were expounded upon. Of the three reasons, one that primarily stood out was that of the sell order took place on BitStamp, ultimately driving down BTC’s value to the lower end of the $6,000 ranges.

As it turns out both the crypto bulls and bears have been standing on opposite ends of the pole in terms of what’s to come for BTC’s prices reports CCN. In particular, it was noted that bulls trust BTC to reach 5-digit price levels (i.e. USD10,000), while bears trust that it will go down again before it can go back up.

CCN documented a number of tweets from known crypto fanatics and experts taking on their respective positions. Here’s an overview of what has been shared.

The first is crypto trader from Twitter, DonAlt who shared the following tweet:

To which, blockchain innovator, Vinny Lingham retweeted and shared, “I concur”. A conversation also seemed to have stirred up in the comments between Twitter user, Tom Gloor and DonAlt, where the former asked at which point or resistance level DonAlt thought the prices will go back up considering the downward trend.

In response, he said that said downward trend no longer exists and that it is “at worst sideways”.

In addition to his $10,000 claims, DonAlt also shared a graph of Bitcoin taking on an upward parabolic trend, noting that this is a sign that the bull is for here to stay given that it holds at the 6,400 mark and does not dip any further.

The next who has shared his sentiments is Tim Seymour from the CNBC Trading Desk, who has since shared that:

“You actually are above that trend line, which probably takes you up to around $6,800. You got to a 95 nine-day RSI. Even for bitcoin, that was extreme.”

Finally, we have derivatives trader and analyst, Tone Vays who has since described the event as resulting in a “beautiful short trade.” He also noted that, in his opinion, buying “along the way” isn’t the best strategy but waiting until its possible low before buying more.

As for what he predicts in terms of BTC’s value to come, here’s what he was quoted saying:

“I actually think we are going to go down and I think we are going to go sub-$6,000 on this one […] I even think we’re going to go below $5,000 as well.”

If the aforementioned is the case, this would be a great opportunity for those who’ve missed the BTC train when it was sitting at below $6,000 in most of 2018.

With all this being shared, where do you stand? Are you for crypto bulls or bears? Let us know why in the comments below.

Bitcoin’s price is $9,371.25 BTC/USD exchange rate today. The real-time BTC market cap of $166.53 Billion currently ranks #1 with a chart dominance at 57.54%, daily trading volume of $5.24 Billion and live coin value change of BTC 2.91 in the last 24 hours.

Live Bitcoin (BTC) Price:

1 BTC/USD =$9,371.2508 change ~ 2.91%

Coin Market Cap

$166.53 Billion

24 Hour Volume

$5.24 Billion

24 Hour VWAP

$9.25 K

24 Hour Change

$272.8196

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Coin Market Cap Price Change 24 Hour Volume
BTC $166.53B $9,371.2508 2.91% $5.24B
ETH $28.69B $269.2357 1.18% $1.9B
XRP $18.16B $0.4274 -0.89% $472.87M
LTC $8.41B $134.9092 -1.23% $891.49M
BCH $7.32B $409.9830 -0.24% $199.18M
EOS $6.23B $6.7702 -0.37% $665.6M
BNB $5.13B $36.3504 1.90% $463.96M
BSV $3.86B $216.0946 -3.90% $136.21M
USDT $3.54B $1.0029 0.32% $4.63B
XLM $2.36B $0.1215 -1.68% $69.69M

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