Short time? A recent Bitcoin price parity broken despite the continued rise

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The current Bitcoin rally has total disbelief, as the cryptography market leader continues to climb in the face of negative news and is facing a very strong resistance to overhead resulting from prices play a support throughout the bear market.

Since the price rally that launched the bullish rally in early April, the price of Bitcoin has returned to parabolic. According to crypto-analysts, this parable has been broken and a withdrawal is long overdue.

The Bitcoin price becomes parabolic, where does the break take us?

Starting from a break in resistance at $ 4,200, which raised BTC's price by nearly $ 1,000 in one hour, this asset became parabolic in its own right and is ready to believe that the first stages of a market bullish started.

Since then, Bitcoin has almost doubled from its low of December 2018 and has risen from $ 5,000 to $ 6,400 without a significant retracement, even in the face of the worst FUD Tether to date, and a hobby of the world's largest stock market. , Binance.

Related reading | Crypto Analyst: The MACD Bitcoin Histogram Is More Extensive Than During The Previous Cycle

But parabolic advances can not last forever, as has shown the top of the December 2017 hype bubble, which has pushed the price of Bitcoin upward, to $ 20,000. Like $ 20,000, the Bitcoin parabolic trend line that supported the progression so far has been broken.

The breakout did not cause any major inconvenience, but again, nothing was able to stop the recent bullish momentum of Bitcoin.

Related reading | Bullish: The crypto community is shocked by the recent resilience of Bitcoin prices

Nevertheless, analysts in the cryptography market are expecting the price of Bitcoin to eventually be rejected, which will cause the price of cryptographic assets to fall to $ 5,800 or less to test again. support. Previously, a new $ 4,200 resistance test was requested, but everything was forgotten while Bitcoin set a new peak for 2019 after a summit.

While most traders target Bitcoin withdrawal targets at $ 6,000, $ 5,800, $ 5,500 or less, according to career trader Peter Brandt, assets that have become parabolic, once broken, often return to 80%. the initial advance.

His prediction proved extremely accurate, since once set the historical record of $ 20,000 Bitcoin, it finally reached a low of $ 3,150, a decrease of 84.25%.

An 80% drop from here would raise the price of each Bitcoin to only $ 1,280, even more than the most bearish bears demand. Given recent price developments, a decline of 80% is highly unlikely. However, the rise is expected to decrease, and the upward trend of Bitcoin is far too late for a correction or at least a consolidation. But Bitcoin has continued to shock and amaze in recent weeks and could continue to do so as the phase of disbelief rages.

Selected image of Shutterstock



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