Remarkable Bitcoin Bear Flips Bullish, BTC expects to go parabolic in the near future
After the recent evolution of volatility experienced by cryptographic markets, Bitcoin (BTC) has been able to maintain stability around the $ 5,000 level, which proves to be a level of relative support to the crypto curve.
Now, a prominent analyst and remarkable Bitcoin bear flips bullish on the BTC, explaining that he would not be surprised if the crypto course began a parabolic ascent similar to that seen at the end of 2017.
Bitcoin (BTC) ) Stable around $ 5000 Level
At the time of writing, Bitcoin trades marginally down to today's $ 4,990 price, slightly lower than its $ 5,040 daily number. However, BTC has recovered from a downturn that it experienced late yesterday, falling to low prices at $ 4,830 before giving higher buying pressures that sent it to today's price level.
Bitcoin's latest price rise only began on Monday, April 1[ads1], when BTC increased from $ 4,100 to $ 5,300 before returning to its current price level.
This price action sent crypto-skyrocketing through several levels of resistance that had previously been strong and led the overall crypto markets to stand still with a silent excitement that investors and traders liked the possibility of the continuing bear development really ending.
Although the recent price action seems to be overwhelmingly bullish, Chonis Trading, a popular crypto analyst, is noted in a recent tweet that Bitcoin is currently trapped in a rising wedge in a shorter time frame, which may be a bearish signal.
"$ BTC – which goes up this rising wedge on the 1 hour #bitcoin chart,
$ BTC – spans this rising wedge on 1hr #bitcoin chart pic.twitter.com/VB5OcfGopH
– Chonis Trading (Crypto Mentor) (@BigChonis) April 5, 2019
Noticeable BTC bears are Turing Bullish
To the great surprise of the crypto environment, Peter Brandt – A highly respected analyst who has a story of being bearish on Bitcoin and other cryptographic baskets, explained in a recent tweet that he would not be surprised if BTC enters a new parabolic stage.
"Either from December 18 , low or from the retest of the same (roughly analog dbl bottom in 2015) it would not surprise me if $ BTC goes into a new parabolic stage, he explained in a recent tweet.
It wouldn't surprise me, either from December 18 or from retest of the same (about analog dbl bottom in 2015) if $ BTC goes into a new parabolic phase. $ btcusd pic.twitter.com/XV89Qz7P4n
– Peter Brandt (@PeterLBrandt) April 5, 2019
Brandt is not alone in his assessment of Bitcoin's price action, which Inmortal Technique, a popular crypto analyst on Twitter, recently shared a similar chart showing that a recent parabolic phase is a strong opportunity.
Let me show you something. $ BTC pic.twitter.com/BsgrzhSghO
– Inmortal Technique (@inmortalcrypto) April 4, 2019
It is important to note that in both Brandt and Technique charts , Bitcoin still has room to fall, which may mean that the next drop will be a great entry point for traders who want to get into Bitcoin's potential future winnings.
When the cryptic markets enter the weekend, and the trading volume is experiencing a slight decline, analysts and traders will hopefully gain more insight into where the markets are heading next.
Featured image from Shutterstock.