Several recent bullish predictions from seasoned crypto analysts imply that Bitcoin could see another massive rally in the coming days, which could trigger a move to unprecedented levels. This expected move suggests a transformative period for the largest crypto asset like the overall market sentiment improves.
Bitcoin’s dynamics point to a parabolic path
Considering the current price action, Mags, a market expert and trader, says claims Bitcoin appears poised for a significant bull market, indicating a possible entry into a parabolic growth phase. Given the growing optimism about Bitcoin, the crypto asset’s recent price movements and key indicators point to the beginning of a major upward rally, which could allow BTC to soar higher. unprecedented levels.
Furthermore, this expected growth phase is consistent with trends observed in previous market cycles that have amplified previous bull runs, such as the 2017 and 2021 rallies, to a market top. Mags’ prediction hinges on BTC’s potential to replicate this past trend, triggering similar price performance as seen in these cycles.
Following Bitcoin’s move to the Fibonacci level of 0.618, Mags has analyzed the bullish development with previous events, prompting his claims that BTC is about to go parabolic. During each cycle, the expert emphasized that before the price of BTC breaks out and goes parabolic, it always encounters a monthly rejection and consolidation below the Fibonacci level of 0.618, which often acts as a strong resistance area.
However, after breaking the 0.618 level in the current cycle, the digital asset did not experience any rejection and consolidation took place above the aforementioned range, close to the all-time high.
After a long period of consolidation, Mags’ chart shows the price of BTC finally breaking above the level again. As a result, the analyst is confident that BTC will rise sharply again in the coming days if history repeats itself.
Meanwhile, as BTC moves closer to its impending parabolic growth phase, investors and traders are advised to take a strategic approach due to the volatile nature of its growth. crypto assets.
Bearish weeks on the horizon for BTC
Bitcoin’s path to a parabolic growth phase may not be easy, as Michael Van De Poppe, a seasoned crypto analyst and Chief Information Officer (CIO) of MN Consultancy, has done. warned of a substantial price drop, indicating a shift in upward momentum. Despite digital assets showing signs of renewed price strength, Van De Poppe points to vulnerabilities that point to the risk of a sharp pullback.
The market expert claims that the coming decline across all markets could last one to two weeks, and urges investors to enjoy it. BTCan upward ride for now. Van De Poppe’s warning highlights Bitcoin’s inherent volatility and emphasizes the importance of handling digital assets with caution.
Featured image from Unsplash, chart from Tradingview.com