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It is beginning to look increasingly as though Bitcoin’s (BTC) recent rally from its early-January lows of $6,800 to its recent highs of $8,900 is much more than a fleeting relief pump.
BTC bulls have been able to hold the crypto within the upper-$8,000 region for the past day, signaling that buyers currently have enough strength to sustain this rally and possibly even extend it further.
One prominent analyst is now noting that Bitcoin is fast approaching a key resistance level, and if history repeats itself, a break above this level could lead the ongoing rally to turn parabolic, potentially leading it to climb 1,000% or more.
Bitcoin Remains Steady as Analysts Look to Asia For Insight into Recent Rally
At the time of writing, Bitcoin is trading up over 2% at its current price of $8,820, which is around where it has been trading at for the past day.
Bitcoin appears to be currently consolidating around this price level, which can be interpreted as being bullish while considering that it has not posted any type of strong retrace in the time following its rally to highs of $8,900.
As for what factor could be behind the recent rally towards $9,000, one analyst is noting that it appears to be an Asia-centric movement.
Hsaka, a popular crypto analyst on Twitter, mused this possibility in a recent tweet, noting that futures on prominent Asian crypto exchange OKEx are “going absolutely ham.”
“March BTC Futures on @OKEx going absolutely ham. This coupled with the premium @binance is developing and the presence of frequent large clustered orders makes me thing this rally is largely Asia centric. As such, I’ll be monitoring the same to spot reversal signs,” he noted.
March $BTC Futures on @OKEx going absolutely ham.
This coupled with the premium @binance is developing and the presence of frequent large clustered orders makes me thing this rally is largely Asia centric.
As such, I'll be monitoring the same to spot reversal signs. pic.twitter.com/S9Xy8toLuQ
— Hsaka (@HsakaTrades) January 15, 2020
The Ongoing Rally Could Result in a Parabolic Upswing, Claims Analyst
Although it remains unclear as to what the long-term implications of the ongoing rally are, one analyst believes it could soon turn parabolic.
Galaxy, another prominent trader on Twitter, spoke about this bullish possibility in a tweet, explaining that history suggests BTC could soon surge over 1000% towards $100,000, if it breaks above the descending resistance line seen in the below chart.
“Breaking the green line will be what triggers the next parabolic movement that will take us to $100K minimum. Save this picture. You are not late. You are early,” he boldly stated.
Breaking the green line will be what triggers the next parabolic movement that will take us to $100K minimum.
Save this picture.
You are not late. You are early.$BTC pic.twitter.com/LmSD55hSpv
— Galaxy (@galaxyBTC) January 15, 2020
If this rally extends further and pushes Bitcoin into the five-figure price region, it could soon see significantly further upside that rivals the rallies seen in years past.
Featured image from Shutterstock.
