Since Bitcoin currently forms a rising parabolic pattern, analysts expect that the price of the currency will likely continue to rise in the next few trading days, and the parabolic rise will also help Bitcoin's upside.
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The level around $5,000 will still play a supporting role.
As of this writing, bitcoin prices have fallen by about 1% from $5050. Although this is a rebound from the $5,000 level on the 7th, it is still below the weekly high of $5,400.
Because $5,400 is a strong resistance for Bitcoin, Bitcoin is likely to require a lot of buying to break this level.
Thomas Li, head of Fundstrat Global Advisors and a bitcoin leader, recently spoke in an interview with MarketWatch about the reasons for Bitcoin's rise in the near future and explained that as traditional stock investors look for assets with higher potential returns, cryptocurrencies The risk appetite is rising.
“Bitcoin’s risk appetite is positive. If the S&P 500 has a standard deviation of 2.5 (as it is so far this year), investors are looking for (volatility), which lays the foundation for Bitcoin. "Additionally, he expects Bitcoin to break above $10,000 at some point this year.
Ascending parabolic trend may push the price of coins up further
So far, the 2019 currency market has been relatively positive, and the general consensus between analysts and investors is that the continued bear market is finally over. It is not surprising that the cryptocurrency market has risen sharply over time.
In a recent tweet, Lisa N. Edwards, a popular cryptocurrency analyst on Twitter, talked about the price movement of Bitcoin. She explained that Bitcoin has entered a parabolic trend and there is not much room for further decline. If this model continues in the coming months, the price of Bitcoin will easily rise to $7,000.
As this week continues, Bitcoin begins to establish new support and resistance levels. At that time, investors and analysts are likely to have a better understanding of whether Bitcoin can really continue to climb in the short term.
Remarks: Bitcoin86 manuscript article, please indicate the source. The article is an independent view of the author and does not represent the standing position.