Bitcoin Is In Early Stages Of A Parabolic Rally

According to the latest reports, Bitcoin is still in its early stages of a massive parabolic rally. Check out the latest predictions about the price of BTC here.

At the moment of writing this article, BTC is trading in the red and the king coin is priced at $29,828.

A popular crypto strategist says that Bitcoin (BTC) is probably setting the stage for a steep rally in the coming months as BTC shadows a parabolic rally witnessed nearly a decade ago.

Pseudonymous analyst TechDev said that multiple technical indicators suggest that Bitcoin could be mimicking its 2015 bull market, a cycle that saw BTC rally from less than $200 to $20,000 in about two years.

The crypto analyst shared two charts that show how BTC has been following the 2015 cycle over the last year and a half.

“Early stage of a Bitcoin parabola, following a 1.5-year correction.”

A popular analyst believes that Bitcoin (BTC) and Ethereum’s (ETH) turnaround this year is likely to continue. This will probably be happening despite the recent correction in the broader crypto markets.

In a new YouTube video, analyst Michaël van de Poppe said that he sees Bitcoin retracing to as low as $26,600 before resuming its uptrend.

“Bitcoin is going to look at a level that we need to sustain. In that case, we need to look at anything between $26,600 and $28,000 as potential entry zones. Those need to support itself. If we do, we can just continue (the uptrend), and you know markets take time before they are going to be rallying again.”

According to Van de Poppe, Bitcoin bulls must take out a key resistance level to signal the end of the corrective move.

“Same old, same old for Bitcoin.

Isn’t able to break through $27,800 as resistance point.

Would be looking at a sweep of the lows until we can have a bounce.

However, $27,800 is crucial for a trend reversal, not $28,800.”