Veteran Trader: Bitcoin may have Entered its Fourth Parabolic Phase, BTC Price Breakout Imminent?
- Currently, Bitcoin is trading around $9,500
- While one analyst says there is still more resistance, another one says we never had 3 red candles in a row in bull market
- ”Possibility that BTC has entered fourth parabolic phase,” Peter Brandt
Bitcoin has turned green yet again but barely.
After tumbling to $9,300 level this week, the leading cryptocurrency has made its way upwards to almost $9,700.
At the time of writing, BTC/USD has been trading at $9,577 with 24 hours gains of 0.41%. However, daily trading volume has taken a drastic drop, currently, ten exchanges with real volume are registering just about $298 million, as per Messari.
Analyst and traders on Crypto Twitter have been expecting a drop to $8,000 level but this time as well, we failed to make it to that mark.
Historically, Q3 has been projected to be a bad month for the crypto market and that’s what happened. Now, we still have another month left in this quarter but some are getting bullish yet again.
“This month i expect a green candle, not a huge one, for the simple fact that in a bull market we never had 3 red candles in a row,”
said market analyst, CryptoWolf.
I LOVE wedge patterns like this. They have a high probability of success.
Good luck. There is a "shit ton" going on in macro land. pic.twitter.com/tmNzxkcgTQ
— Raoul Pal (@RaoulGMI) September 1, 2019
But analyst The Crytpomist believes, “there is still one more touch on resistance.”
A New Bull Cycle?
2019 has been a bullish year for Bitcoin after the winter of 2018 as BTC price soared more than 200% but the last two months (July and August) have been bad for the flagship cryptocurrency and by extension the entire crypto market.
However, Bitcoin is still up over 159% till date in 2019 after bottoming out in December 2018 at around $3,200.
According to veteran trader Peter Bradt, it is possible that bitcoin has entered into its fourth parabolic phase.
”Possibility that BTC has entered fourth parabolic phase,”
If we take a look at the Bitcoin rate of return in each cycle, 318,864% return was registered in 2011. Then 20% of that returns that is 58,474% was seen in 2014 and similarly 11,960% of that in 2017 at $20,000.
As per this standard, the potential return in the next cycle, that could be around 2022, would be around $78,500.
However, according to some experts, we might go beyond this level.
— PlanB (@100trillionUSD) September 1, 2019
With Bitcoin halving just a few months away, the market is getting excited and the price is getting ready for a new all-time high.
In the light of gains recorded by BTC in 2019, it could be said that Bitcoin has finally entered into its fourth parabolic phase as many experts are also pointing towards.
What’s left to be seen is how high we will go this time!