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3 Reasons Why Bitcoin Price is Macro Bullish & Could Soon Go Parabolic
Per a tweet from a prominent Cryptocurrency trader that went industry-viral, there are three reasons why he thinks the BTC price is entirely bullish on a macro basis:
Trader Satoshi Wolf recently noted that per his analysis of Bitcoin’s one-month candle chart over the past three years, there are at least three bullish technical analysis and fundamental signs that can be seen:
Firstly, the recent price decline that Bitcoin has seen from $14,000 to a low of $6,400 has been marked by decreasing volume, which he claims is “bullish.” Indeed, falling volumes in a downtrend would indicate that the sellers are gradually losing control.
Secondly, Bitcoin (BTC) in December decidedly bounced off the key $6,400 macro support level, which has been a level of utmost importance since early-2018, in December on high buying volumes.
And lastly, the block reward reduction for Bitcoin, which will decrease the inflation rate of the cryptocurrency by half, is on the horizon (May 2020). This event has been found to be correlated with upswings in the market.
This confluence of factors suggests Bitcoin may in the coming months explode past $10,000 and maybe even higher.
$75,000: Bitcoin’s Price is Set to Climb Exponentially If This Fractal Plays Out
Now one prominent analyst is explaining that Bitcoin’s recent price action is closely mirroring a fractal pattern seen just prior to the parabolic rise in early-summer of 2019, which may suggest that Bitcoin will soon rally into the five figure price region.
This rally may lead it into a significant resistance region, but it is important to note that there is a key level just above its 2019 highs that could catalyze a move that allows BTC to set fresh all-time highs.
BTC’s Rally Could Turn Parabolic If Next Upswing Leads It to Over $14,200 If the eerily accurate fractal that Dave The Wave muses continues playing out, it appears to be a strong possibility that the crypto could be just a mere matter of months away from its next parabolic phase that leads it up towards $75,000.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
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Yikes….Shorter to medium term. If price continues to break higher on another smaller parabolic run, the symmetrical triangle formed may serve to provide some resistance. Once that breaks
⬆️ pic.twitter.com/sl2DAUaBnd
— dave the wave (@davthewave) January 19, 2020
a) This would mean nearly 1,5 TRILLION marketcapb) money doesn’t grow in the treesc) remember you are using a log-based chart ( exponential profits can last forever)
d) please don’t forget also that a LOT of people follow and trust your words🙏
— Crypto Spain (@CryptoZeben) January 20, 2020
A good mate asked for my take on $BTCThe monthly chart says it all:1. Price decline + volume decline = Bullish2. Volume backed bounce off strong support = Bullish3. Halving = Bullish
Until something changes I am Bullish on #Bitcoin and will do everything to get more. pic.twitter.com/XGWxLUpCJF
— Satoshi Wolf (@SatoshiWolf) January 22, 2020
These 3 Reasons Are Why Bitcoin’s Price May Soon Explode Past $10,000
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