Bitcoin (BTC) Still In Parabola, Could Soon Hit $11,000 If Trend Holds
What’s Next For Bitcoin?
For one reason or another, the past few weeks have seen Bitcoin (BTC) and its ilk freeze. The cryptocurrency market has been stuck in an odd holding pattern, whereas volatility has fallen, trading ranges have been established, and volume has begun to diminish.
There is an argument to be made that Bitcoin is about to skyrocket higher though. In a recent tweet, Tuur Demeester, a partner at Adamant Capital that recently penned a great report on the cryptocurrency market, drew attention to a “bullish short-term scenario” for BTC.
Seen below, Demeester notes that Bitcoin continues to hold in a bullish parabola, which has acted as support for BTC since December 13th’s jaw-dropping bottom. In fact, the asset touched the parabola in February, late-March, early-April (to kick off the current rally), throughout early-May, and just last week. If this trend continues, the Adamant representative suggests that Bitcoin could rally by 50% — around $3,600 — from current levels to hit $11,000 by early-June.
While this sounds a bit zany, especially considering that buying volume has begun to decline, there are other analysts that think BTC could easily hit five digits in the current foray higher.