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Breaking News: ‘Crypto Week’ Takes A Hit: US House Fails To Advance Key Acts
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Breaking News: ‘Crypto Week’ Takes A Hit: US House Fails To Advance Key Acts

Crypto Markets on Verge of Parabolic Breakout as Bitcoin Sets Fresh 2020 High

Cole Petersen
Cole Petersen
5 years ago
2 mins read
Bitcoin BTC Crypto Altcoins

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Bitcoin (BTC) and the altcoin markets incurred some notable momentum today, which comes as Bitcoin’s bulls extend the rally that first kicked off yesterday when the crypto made its way up to highs of $9,150.

This momentum has not been isolated to Bitcoin, however, as many major cryptos have been able to similarly incur notable momentum today.

It does appear that the markets are on the cusp of seeing significantly further upside, as Bitcoin just broke above the upper boundary of a bull pennant that could generate an upwards tailwind that leads altcoins to kick off a fresh parabolic cycle.

Bitcoin Begins Rallying, Leading the Crypto Market to Follow Suit

At the time of writing, Bitcoin is trading up 5% at its current price of $9,250, which is past price level at which it faced a swift rejection at yesterday evening, and marks a fresh 2020 high.

Buyer’s ability to push BTC past this level is certainly a bullish sign, as it suggests that sellers did not have enough support at this level to spark a sustainable and far-reaching selloff.

In order for Bitcoin to see significantly further upwards momentum in the near-term, it is imperative that it sustains its recent break above this level in a strong and sustainable move, as another rejection at this level could spell trouble for what comes next.

Satoshi Flipper – a well-respected crypto analyst on Twitter – explained in a recent tweet that BTC was previously at the upper boundary of a bull flag it recently formed, with its latest leg up marking a break above this level.

“At triangle resistance,” he concisely noted while pointing to the chart seen below.

At triangle resistance $BTC pic.twitter.com/BRcAbA9cdh

— Satoshi Flipper (@SatoshiFlipper) January 28, 2020

BTC Breakout Could Allow Altcoins to Post Massive Gains

It is important to note that the momentum seen by Bitcoin in recent times could be enough to allow major altcoins like Ethereum to also see massive gains.

CryptoWolf – another popular crypto analyst on Twitter and TradingView – told his followers in a recent post that he expects ETH to soon see a parabolic rally to as high as $868, while referencing the levels on the below chart.

Bitcoin Crypto Altcoins BTC
Image Courtesy of CryptoWolf

If Ethereum is able to break through the resistance he marked on the above chart, it is highly probable that other cryptos will be able to catch its upwards tailwinds and rise in tandem.

Featured image from Shutterstock.
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Cole Petersen
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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