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Bitcoin (BTC) Price May Hit $11,000 Should Parabolic Trend Continue: Expert
Until Sunday, Bitcoin’s price had been trading in waves, going down to around $7,400 and rising towards $7,900. However, on Sunday this pattern was broken in a positive way, and Bitcoin has added around $1,000 in value overnight.
Expert predicts a possible BTC rise higher
Tuur Demeester from Adamant Capital (an agency that recently published a frequently-cited report), posted a chart with a forecast on Twitter, suggesting a “bullish short-term scenario” for Bitcoin.
A bullish short-term scenario for Bitcoin
— Tuur Demeester (@TuurDemeester) May 23, 2019
HT @INXLimited pic.twitter.com/3QSzk9R48R
Demeester points out that Bitcoin is currently in a bullish parabola. BTC touched this parabola in late winter (February), the end of March and start of April (the moment when the present BTC surge began), the start of May and last week.
Should this pattern continue, says the Adamant partner, Bitcoin’s price may skyrocket 50 percent – which is around $3,600 – and reach the $11,000 level by the time June begins.
Alex DovbnyaOther analysts support this view
This may sound slightly too optimistic, taking into account the fact that the buying BTC volume is already diminishing, but other analysts also say that BTC quotes may soar to reach a five-digit-level in the short term.
Crypto analyst @galaxyBTC has recently made a post, announcing that Bitcoin is trading inside a symmetrical triangle figure, so the expert believes BTC could then move up to $10,000.
$BTC is currently forming a symmetrical triangle and that means a 60% chance of breaking upwards on its way to $10K.
— Galaxy (@galaxyBTC) May 22, 2019
It's important to keep a closer look because when it will confirm a direction, alts will retrace.
But for now, we have approx 2 weeks to enjoy the altcoin party. pic.twitter.com/lD3KoZb4va
Another analyst, Crypto Rand, also forecasts that BTC is going to hit $10,000.
#Bitcoin new yearly highs.
— Crypto Rand (@crypto_rand) May 26, 2019
$10,000 is the next stop.
A bearish outcome is possible too
However, Tuur Demeester also sees the opposite scenario happening: should the parabolic trend break for lack of momentum, Bitcoin may roll down to $8,300 with the uptrend hitting barriers.
Bitcoin could be breaking down here to ease into a more sustainable pattern. (For parabolic moves to be sustained, momentum is of the essence.) pic.twitter.com/nkmIAgWI4C
— Tuur Demeester (@TuurDemeester) May 22, 2019
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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