A notable Bitcoin Bear reverses his optimism and expects BTC to become parabolic in the near future

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As a result of the recent instability in the crypto markets, Bitcoin (BTC) has managed to maintain its stability around the $ 5,000 level, which proves to be a relative support for cryptocurrency.

Now a prominent analyst and a notable bear, Bitcoin, is bending upward on BTC, explaining that he would not be surprised that cryptocurrency is beginning a parabolic climb similar to that of late 2017.

Bitcoin (BTC) Stable About $ 5,000 Level

At the time of writing this article, Bitcoin is trading lower at its current price of US $ 4,990, down slightly from the peak of US $ 5,040 per day. BTC, however, recovered from a decline last night, falling to $ 4,830, before generating stronger buying pressure that has brought it back to its current price levels.

The recent spike in Bitcoin prices began on Monday, April 1, when BTC went from $ 4,100 to $ 5,300 before returning to its current price levels.

This price action spiked crypto through multiple levels of resilience that had previously been strong and plunged crypto markets into enthusiasm as investors and traders pondered the possibility that the downtrend could persist. be really finished.

Although the recent price action seems to be extremely bullish, Chonis Trading, a widely-used cryptanalytic analyst, said in a recent tweet that Bitcoin is currently caught in a rising wedge over a shorter period, which could be a bearish signal.

"$ BTC – going up to this corner up on the 1bit #bitcoin chart," he noted.

BTC's notable bears become bullish

To the surprise of the crypto community, Peter Brandt, a highly respected analyst who has always been bearish on Bitcoin and other crypto-currencies, explained in a recent tweet that he would not be surprised that BTC is entering a new phase parabolic.

"Whether from December 18 or from the same test (about an analogue background in 2015), it would not surprise me if $ BTC entered a new parabolic phase," he explained in a recent tweet.

Brandt is not alone in his assessment of Bitcoin's price action, as Inmortal Technique, a popular crypto-analysis analyst on Twitter, recently shared a similar graph that suggests the possibility of a new parabolic phase.

It is important to note that in the Brandt and Technique charts, Bitcoin still has room to fall, which could mean that the next downgrade will be a great starting point for traders looking to take advantage of potential future earnings from Bitcoin.

As cryptographic markets enter the weekend and trading volumes drop slightly, analysts and traders will, we hope, better understand the direction markets will take.

Selected image of Shutterstock.



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