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The parabolic rise in the price of Bitcoin over the past few weeks has shocked the entire cryptography market, while the main market capitalization cryptocurrency is reviving the memories of its meteoric rise fueled by the media at its record price. $ 20,000 at the end of December 2017.
After breaking this famous parabolic advance, the Bitcoin price has oscillated between decreasing resistance levels and support at $ 6,000, until this support breaks in November 2018. Once the asset is up crypto has dropped below the 6,000 USD, it has reached what one of the encryption analysts calls the "ideal shopping area" – an area that the price per BTC has now left, making it the shortest time that cryptocurrency has accumulated before resuming a bull cycle.
Bitcoin says goodbye to the ideal shopping area and spends its shortest visit up to now
After Bitcoin surpassed the support tested repeatedly at $ 6,000, the market panicked and a violent sell ensued. The price per BTC was taken low enough to reach what the famous crypto analyst Dave the wave calls the "ideal shopping area" in the Bitcoin price charts.
BTC outside the ideal shopping area. pic.twitter.com/LmJLAqMW9Q
– dave the wave (@davthewave) May 14, 2019
During the previous round of bearish and bear markets in 2014-2015, the best chance for the cryptographic analyst to discover repetitive trends, Bitcoin spent two full years in the buying zone. Bitcoin also spent a year in this area from 2012 to 2013.
Related reading | Bullish: The crypto community is shocked by the recent resilience of Bitcoin prices
But as Bitcoin so quickly left the bear market lows in 2018-2019, crypto asset by market capitalization spent the shortest time in its history in the "ideal buying zone" defined by the long-term graphic designer. This time, BTC has barely spent more than six months in the zone, which highlights its ability to provide long-term investors with the best returns.
The relative ease and speed with which Bitcoin left the depths and slump of the bear market shocked just about everyone paying sufficient attention to the emerging financial asset. After the severity of the longest bear market ever recorded and the fierce sales that drove Bitcoin to its final low of $ 3,150, any upward trend was bound to provoke disbelief from investors who had become accustomed to falling commodity prices. crypto. But a rally that allowed Bitcoin to go from $ 4,200 to over $ 8,000 in just over a month was unexpected.
Related reading | Price key level of $ 10,000 Bitcoin to trigger the general public FOMO
Bitcoin continues to remove each new resistance level and, at its current rate, could test $ 10,000 in the coming days. The upward momentum related to the rise in institutional interest and the reintegration of money into the market has led to a widespread FOMO in the market, unprecedented since the 2017 crypto-hype bubble. With such exuberance on the market Crypto market, Bitcoin could reach a new record before the end of the year, it is now a very real possibility that is back on the table.
Selected image of Shutterstock
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