Bitcoin has been jumping through hoops to escalate to its 2017 high, after which the crypto users predict a full-blown alt season. However, the price of the Bitcoin has been crashing one moment and riding the bull’s back the other. The high volatility in the market thas led many users to switch ships but an old-school trader, still believes that Bitcoin is still undergoing a parabolic movement.
Peter Brandt drew a parabolic movement pattern of Bitcoin and said that it was “a rendering $BTC.”
However, fellow traders were of conflicting views. Twitter user @parabolictrav said that these lines have already been moved out three times according to his count, meaning the parabolic movement has been restricted.
Even though the trader agreed with the Twitter user [@parabolictrav] and said that the lines would be moved more times before the parabola is complete, as “a true parabolic advance must meet certain mathematical standards.” Brandt explained the patterns BTC has been following and said that if BTC breaks the parabolic phase, an 80% correction could be on the cards as he predicted before.
If not an 80% correction over seven months time, BTC could see smaller corrections with a new parabola forming, with shallower slope. However, many still believe that the lines are resetting every time BTC undergoes a parabolic swing. Twitter user @CryptoKaleo explained this movement through the BTC chart where he noted that the rendering had not stopped BTC before and that it might continue its journey upwards.
Even though the price of Bitcoin has been wavering for the past few weeks, it has managed to hold its ground above the $11k mark. A drastic change in the price could impact the alts, so as of now, the king coin was noted to take small steps towards its goal as it was traded at $11,180. However, the price of the coin fell by 3.50% in a day, and by 0.61% over the week. At press time, a green candle with 0.96% gain was emerging in an hour.
Author: Namrata Shukla