Three widely followed crypto analysts have similar opinions that Bitcoin (BTC) is likely gearing up for a parabolic rise.
Crypto strategist Michaël van de Poppe tells his 656,700 Twitter followers that Bitcoin is sending bullish signals on the weekly chart.
According to the analyst, Bitcoin continues to trade above two crucial technical indicators on the weekly time frame despite the pullback of the main psychological resistance at USD 30,000.
“Bitcoin breaks up and tests USD 27,600.
Good signs.
Weekly timeframe: with 200 moving average and exponential moving average.
I think we’re moving towards $38,000 – $42,000 from here.
Meanwhile, fellow crypto analyst Kaleo is also bullish on Bitcoin.
The top trader tells his 587,400 Twitter followers that he thinks Bitcoin is heading for new yearly highs on its way to $40,000 after managing to regain support of around $27,000.
“I’m a fan of this breakdown/reclaim. Think of this as a pretty solid risk/reward long setup for a possible return to range highs. And yes, $40,000 is still a magnet.”
Pseudonymous trader Bluntz, who is known in the industry for calling the Bitcoin bottom of 2018, also believes that the king crypto’s corrective move from $30,000 is likely over and that BTC seems poised to resume its uptrend.
“After Friday’s reversal, we’re starting to get some nice follow-through candles for BTC on a daily basis.
If this was a complete three-wave ABC decline, then new highs may be on the table.
Sentiment seems to have turned here and many now expect a further downturn.
At the time of writing, BTC is trading at USD 27,072.
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Image generated: Midway through the journey