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Home Technical analysis BTC

Analyst: Bitcoin Parabolic Trend Is “Close To A Breakdown”

Tony Spilotro by Tony Spilotro
1 month ago
in BTC
Reading Time: 3min read
bitcoin parabolic trend

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Bitcoin price has been in a strong uptrend since Black Thursday that turned fully parabolic in Q4, resulting in a new all-time high. But according to an analyst, the first-ever cryptocurrency is close to a breakdown of a parabolic curve that’s been supporting the upwards momentum for months.

Is this the end of the uptrend? Or is this just another touch of the parabolic support before blasting off to another level higher?

Bitcoin Goes Parabolic In 2020, What’s To Come In The New Year?

Bitcoin price is $1,000 below its 2020 peak, but clinging onto support ahead of the arrival of the new year. The leading cryptocurrency by market cap is the standout investment of the year, bringing positive portfolio performance amidst the backdrop of economic uncertainty and a dying dollar.

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The perfect storm for the cryptocurrency was combined with institutions suddenly realizing the asset’s potential as a store of value and hedge against inflation.

Related Reading | Christmas Day Derivatives Expiry Could Deliver The Gift Of Dangerous Bitcoin Volatility

The surge of FOMO from high-wealth buyers has propelled Bitcoin to where it currently is, causing support to take on a parabolic shape.

Each correction was bought with such fury over the last few months, the price action has nearly gone straight upwards, which could result in the parabolic curve breaking down for the first time according to one crypto analyst.

bitcoin parabolic trend

Bitcoin's parabolic curve could be ready to break down | Source: BTCUSD on TradingView.com

Correction Incoming, Or Does Crypto Volatility Go Vertical?

Bitcoin’s uptrend began either in December 2019 or on Black Thursday, depending on how you look at it. The black swan event was an anomaly, and the crypto asset kept climbing directly thereafter.

If anything, it caused the greatest buying opportunity in the asset’s history, resulting in a 500% ROI in just one year.

But the parabolic curve breaking down, could lead to a temporarily bearish phase – or it just as easily could cause the asset to keep on climbing higher in an upward trajectory.

bitcoin parabolic trend

Past parabolic curves for comparison's sake | Source: BTCUSD on TradingView.com

Past instances of parabolic curves show both conclusions. In 2016, the parabolic curve kept going, while in 2019 it broke down resulting in several more months of a bear market.

Another parabolic shape could be losing support now, but which scenario will it come next? Considering how strong the uptrend has been with very little correction, a short-term trend change is possible and doesn’t mean the long-term uptrend is a lost cause if prices drop from here.

Related Reading | Bitcoin Dominance In December: Why The Future Of Altcoins Hinge On This Month’s Close

Just like Black Thursday, shakeouts attract new investors, allowing price to increase in a healthy way. When assets climb too quickly, selloffs get equally as nasty.

For now, continue to watch how price action takes shape, pun intended.

Featured image from Deposit Photos, Charts from TradingView.com
Tags: bitcoinbtcbtcusdBTCUSDTcryptoxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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