Bitcoin Price Could Go Parabolic with Pattern Formation
Bitcoin’s price movements in recent weeks have been relatively stable, but that could change in the coming months based on historical chart patterns. According to Trader Tardigrade, a pseudonymous cryptocurrency expert, Bitcoin may experience a parabolic movement similar to previous bullish runs.
Key Points:
- In 2016, Bitcoin formed a bottom at $355 before reaching a parabolic run that ended at $6,750 in 2018.
- In 2020, Bitcoin formed a bottom at $8,850 before reaching an all-time high of $69,000 in late 2021.
- This year, Bitcoin hit a low at $15,700 and is currently forming a bottom around $31,220.
- If Bitcoin continues to follow the patterns from 2016 and 2020, it could reach $46,850 in 2024 and potentially a new all-time high above $200,000 in 2025.
- Bitcoin is currently trading at $29,480, showing a slight decline on the day and a 1.44% gain over the previous week.
According to Seth, a crypto trading expert, Bitcoin may surprise everyone during this bull run when institutional liquidity from major asset managers such as Blackrock and Fidelity enters the market through spot Bitcoin exchange-traded funds (ETFs).
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
Hot Take:
Bitcoin’s historical chart patterns suggest the possibility of a parabolic movement in the future, potentially leading to a new all-time high. While past performance is not indicative of future results, it’s worth keeping an eye on Bitcoin’s price and the entry of institutional liquidity into the market.
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