Bitcoin (BTC) Is Parabolic, Prices Up 111% Year-To-Date

Dalmas Ngetich

Last Updated: June 11, 2024 1:44 pm

2 mins read

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Bitcoin (BTC) parabolic, adds 41.5 percent
Strong Bitcoin fundamentals rewinding last year’s losses

The deteriorating global economy, prospect of central banks intervening, and the entry of whales through institutional investment could explain the parabolic rise of Bitcoin’s prices. At over $12,800, BTC is up 41.5 percent in the last week and poised to register more gains.

Bitcoin Price Analysis

Fundamentals

Visibly, Bitcoin’s rally is stretching superlatives. Analysts say the recent price eruption has been dizzying. Well, true to their observations, this surge has everyone talking about Bitcoin. If anything, this is the necessary fuel for further price spikes as retail traders angle for gains. Spectacular as it is, explanations remain banal.

For whatever reasons, there are no concrete illustrations. Presently, speculation is rife that there are whales behind this price roll. Because of this superb jump, that could be one of the many reasons. After all, institutional grade investors are flocking in en masse.

By readjusting their portfolios and slotting in Bitcoin and other promising crypto assets, there is support of prices. Then again, global economic doldrums have traditional investors jittery. As observed, Bitcoin and gold prices are printing new highs and unexpectedly, fluctuating in synchrony.

If anything, this shows that investors have choices. Even so, Bitcoin, given their history of enormous volatility, is visible considering large price swings of the last few days. With a market cap exceeding 225 billion and trading around Feb 2018 highs, the sentiment is quickly shifting.

Since investors are optimistic, there is a feeling of “Fear of Missing Out” forcing speculators and holders to ramp up, even if buying bits of this scarce digital gold.

Candlestick Arrangement

At the time of writing, Bitcoin is trading 41.48 percent higher from last week’s close. Retesting $13,000, bulls are back with a vengeance. From this, there is a window for traders to buy the dips since BTC is within a bullish breakout pattern following the obliteration of $10,000.

At this pace, odds are bulls will blast past $15,000 satiating investors who held through last year’s biting winter. Although prices may cool off in a normal retracement from the upper Bollinger Band (BB), that will form the springboard for further price spikes.

If prices drop, allowing re-entry, possible supports will be at $9,500 and $11,200. From there, ideal targets will be at $15,000 and later $18,000.

Technical Indicators

Bitcoin’s price expansion is parabolic. Marking bulls are swelling trading volumes in the last week following the break out above $10,000.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.