Bitcoin Price is on its Way to a 1,000% Surge, If the BTC/USD Fractal Plays Out
- The price of Bitcoin recovers, starts moving up yet again
- Not reclaiming $7,500 – $7,600 range means sub $6,000 region
From going just below $6,200, the leading cryptocurrency has again started making its way upwards. Going to $7,493 at one point, Bitcoin has started making its upwards. At the time of writing, BTC has been trading at $7,300 with 24-hours gains of 1.15 percent.
BTC/USD chart, Source: TradingView
Just a few days back, we breached $8,000 level and went to as high as above $8,300. That was the highest point in about 10 months. This rally started at the beginning of May month and surged more than 50 percent.
However, last time we hit $8,000, the things in the crypto space were different, big institutions weren’t that immersed in launching their products.
As for where from here, crypto trader and investor, Credible Crypto says, if Bitcoin doesn’t reclaim the $7,500 – $7,600 range in the coming days, we are likely to see sub $6,000 region yet again.
Meanwhile, crypto analyst, FlibFlib shares a pair of inverse Bitcoin price charts that compares the last bear market bottoming into a bull market cycle and how it builds up against what is currently happening in the crypto market. The two charts are very similar, showing a parabolic rise after the capitulation period.
Just like Bitcoin fell from about $8,000 to $6,300 in a matter of a few minutes just two days back, the similar movement was seen at the height of the parabolic rise where price reversed and fell sharply.
After this big drop, the flagship cryptocurrency went through a consolidation period that went on a parabolic rise, causing the BTC price to surge more than 1,000 percent from its bottom over the next nine months.
While i know i have said that there could be a $btc bull trap then lower to $5k, i need to share this.
If you think that we will do the latter part of the chart dont gamble entirely on $5k coming along and gifting you the accumulation.. Think longer term and dont be greedy. pic.twitter.com/D2CHRMjIoU
— fil₿fil₿ (@filbfilb) May 17, 2019
A similar move this time would see Bitcoin crossing $20,000 mark, taking Bitcoin to another all-time high at $30,000.
Fractals are simply the patterns that are the result of the repeating trading strategies that are effective or could be the result of human emotions that plays out in a similar manner again and again.
And if the fractal plays out this time as well, in the next year Bitcoin will hit a new peak and from there with the Bitcoin reward halving event coinciding, we might get to see unimaginable highs.
Bitcoin’s price is $48,313.35 BTC/USD exchange rate today. The real-time BTC market cap of $904 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $29.36 Billion and live coin value change of BTC -2.78 in the last 24 hours.