Bitcoin Parabolic Rally Above $600,000: Crypto Analyst Says It’s Closer Than You Think
08 Novembro 2023 - 4:00PM
NEWSBTC
The argument for the Bitcoin price to reach above $200,000 has been
going on for a few years now with a number of crypto pundits
maintaining their stance. This has not changed, especially with the
most recent prediction from one crypto analyst who puts the BTC
price above $200,000. But what’s most interesting is the timeframe
in which this analyst expects the leading crypto to reach this
level. Halving To Trigger Parabolic Rally Crypto analyst
TradingShot posted another eye-catching prediction on the
TradingView website, putting the Bitcoin price as high as $200,000.
The analysis focuses on the Bitcoin Vortex bullish cross as well as
the Bollinger Bands Width (BBW) bottoms to gauge when BTC might go
on its next parabolic rally. Related Reading: Dogecoin Climbs Above
$0.075 To 3-Month High, But Metrics Show It’s Far From Done
TradingShot explains that a parabolic rally for the cryptocurrency
often starts after a Halving Event. Now, a BTC halving event takes
place roughly every four years and it’s an event in which the block
rewards for miners are cut down in half, thereby reducing the rate
at which new coins are being brought into circulation. The crypto
analyst’s prediction in this instance uses the next Bitcoin halving
event which is expected to take place sometime in Q2 2024. As the
analyst explains, this is an event that “starts the (final and most
aggressive) Parabolic Rally sequence of the Bull Cycle.” Source:
Tradingview.com One other important event that happens after the
halving takes place is the BBW which bottoms once the halving is
completed. This often marks the end of a short downtrend, and “may
have as a Support a (dotted) Lower Lows trend-line,” as TradingShot
explains. When Will Bitcoin Cross $200,000 The expectation for the
BBW to bottom out in early 2024 carries the basis for a Bitcoin
parabolic rally above $200,000. Once it does this, there is only a
short timeframe that the crypto analyst sees before the asset is
able to reach this level. A Bullish Cross formation as has been the
case historically, is expected to trigger “a long-term sequence of
straight green candles (Parabolic Rally) straight to the Bull
Cycle’s peak.” This marks the beginning of the bull market. Related
Reading: Why Ark Invest’s Cathie Wood Picks Bitcoin Over Cash And
Gold TradingShot explains that if this happens, then the Bullish
Cross would appear on the 2-Month (2M) candle. This will put the
timeframe in the vicinity of January 2024. If this analysis is
correct, then BTC could be only a few months away from making a new
all-time high. At the upper band of this parabolic rally, Bitcoin
sits above $650,000. Given that BTC is currently trading just above
$35,300, it would mean an over 1,700% rally. BTC price above
$35,300 | Source: BTCUSD on Tradingview.com Featured image from
AMBCrypto, chart from Tradingview.com
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