Bitcoin Price Analysis Update: BTC Held Up by Weekly MA, But Still Following the “Parabolic Trend”
The leading cryptocurrency is back at above $3,900 looking to break the $4k mark. On March 4th, Bitcoin price went from $3,680 to $3,870 level seeing a surge of 5 percent. Since then, Bitcoin has been seeing a slight upward shift in the price as it slowly moved to the $3,890 mark.
The leading cryptocurrency is currently trading at $3,921 with 24-hours gains of 0.48 percent, as per the data provided by the Coinmarketcap. Daily trading volume that had reached about $10.5 billion in the last few days has gone down to $9.7 billion.
A Drop to Retest Weekly MA
If we take a look at the weekly chart of the Bitcoin, it is still ranging between the $3,600 and $4,200 and hasn’t managed to break either way.
Currently, the price has been supported by the weekly MA from December 2018 when Bitcoin price went to $3,200. However, if Bitcoin breaks this support, the price will turn really bearish as the crypto trader and investor Josh Rager says,
“BTC Weekly Chart: Zoom out, currently ranging between $3,600 to $4,200. If Bitcoin pushes up, I don't see it closing above the weekly resistance near $4,700 and that's my short position. A drop would restest Weekly MA which has held $BTC price (break below weekly MA is bearish).”
In the short term, the prices look bullish but until Bitcoin breaks the $4,200 mark, it is hard for the flagship cryptocurrency to really start a rally.
Right on its Way to $1 Million
However, the long-term perspective of the Bitcoin price is still on its way to great heights. In 2018, a number of technical levels have been broken by Bitcoin as it crashed hard and fast dropping just above $3,000 level.
However, according to one analyst, despite these crashes, Bitcoin is still following a good parabolic trend that indicates a new peak is right on the way for Bitcoin. Analyst Cane Island Crypto took to Twitter to share:
“When not manipulated by jack leg exchanges, bitcoin's price has followed a perfect parabolic trend.”
— Timothy Peterson (@nsquaredcrypto) March 8, 2019
He also posted a chart that clearly shows the perfect parabolic trend bitcoin is following. If it continues, Bitcoin will be seeing $7,800 by this year end while by next year which marks Bitcoin halving, the price is expected to see about $15,426. According to this parabolic rise, Bitcoin will be seeing $1 million at $1,279,701 by 2028.
Permabull and crypto analyst Magic Poop Cannon has echoed similar sentiments of a multi-year uptrend. It goes without saying that these Bitcoin price predictions are no investment advice, but a number of crypto bulls and experts are sure that Bitcoin will be seeing $1 million mark in the coming years.