A bigger parabolic move in BTC is inevitable as today the number one cryptocurrency hit a new ATH after smashing through the bearish-ceiling that was set earlier this week. With the level now cleared, the bigger parabolic move looks inevitable according to one crypto capital manager as we are reading more in today’s’ BTC news.
After the news emerged that Tesla purchased $1.5 billion worth of Bitcoin, the number one cryptocurrency by market cap posted its biggest daily candle in history. However, the price action was soon stopped before touching $50,000 which is the next major round number for the asset to surpass. Some uncertainty struck once the following day the impulse didn’t continue and resulted in Doji and a drop as well. The newly attained support held and BTC took out the short-term bearish ceiling which was set when the uptrend hit the resistance.
With any sort of resistance being out of the way, one crypto capital manager thinks that the bigger parabolic move is imminent. As per Vailshire Capital CEO Jeff Ross who called BTC price movements with plenty of success lately, the bigger parabolic move in BTC will pick up again. Once the assets to parabolic, the higher base is then built until it all crashes down. Ross’s expectations fell in line with the idea that the consolidation phase of $40K and $30K was another base built and that the parabola will go higher which the long-term uptrend channel shows. This indicator shows how far the parabolic move has left to climb along with the comparisons to past the uptrend and to confirm the legitimacy of the expectation.
If past trajectories are followed, the price per BTC will reach as high as $325,000 or higher at the next bull market peak. The same charts show that BTC is about one-third of the way to hit a new parabolic move which Ross thinks it will continue soon. Wherever the move takes up place per BTC, what comes next is another bear market and a new chance to accumulate more of the cryptocurrency to do it again.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]