According to a popular cryptocurrency analyst, the price of Bitcoin is set to explode when it finally passes the $14,000 mark again. @ParabolicTrav believes that the leading digital currency will quickly surge to $30,000 and beyond if the price manages to break above the local high set earlier this summer.
On June 26, Bitcoin reached a few hundred dollars short of $14,000, and the price has been bouncing between lower highs and support in the mid-$9,000s since. Many popular traders, therefore, identify $14,000 as the last major point of resistance before the December 2017 all-time high.
Bitcoin Hitting $20k is Inevitable
ParabolicTrav states in the tweet below that, since a $20,000 Bitcoin is a “foregone conclusion,” the next point investors will be eyeing will be $30,000 – more than $10,000 greater than the current Bitcoin all-time high.
The next break over 14k shit's gonna get crazy, you know that right
20k will be a foregone conclusion, then people will be thinking 30k+
We're still in the shadow of 20k and doubt still exists
— ParabolicTrav (@parabolictrav) September 4, 2019
ParabolicTrav states on his Twitter profile that he believes each unit of the number one digital asset will one day be worth over $100,000. Although he gives no timeline for his optimistic prediction, the above tweet clearly suggests the analyst is expecting prices to accelerate rapidly once the widely agreed upon final point of resistance at $14,000 is behind Bitcoin.
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Stating that the market is still doubtful while “the shadow of 20k” looms, ParabolicTrav’s sentiment echoes the ideas expressed by another analyst, Vijay Boyapati, earlier this year. In the following thread, Boyapati argues that bull markets, like that in which we witnessed in 2017, typically start slowly because there are still investors looking to ditch positions they took up previously. Many of these sellers just want to get out at as close to break-even as possible and never intend to think about cryptocurrency again.
1/ We are in the early stages of a new #Bitcoin bull market. Let's explore what we know about such bull markets based on observations from the four major hype cycles that Bitcoin has already undergone. A thread 👇
— Vijay Boyapati (@real_vijay) June 20, 2019
Prices Will Eventually Climb Rapidly
At prices higher than the previous all-time high, there are no longer investors that have spent months looking to offload their positions. Boyapati identifies that prices start to climb rapidly at this point:
“Once a new #Bitcoin all time high is made, new highs trigger a feeding frenzy. Media attention returns and new entrants are attracted by the allure of quick profits, driving prices higher even faster. Prices eventually reach a crescendo top.”
Boyapati concluded his thread by stating that the final peak of any pending parabolic Bitcoin bull run will likely shock investors just as it has done every other time the price has surged upwards for continued periods of time. He states that the geopolitical significance of Bitcoin now, especially when compared to what it was in 2017, will mean that this “feeding frenzy” could be “like nothing we’ve ever seen.”
Do you think the return to all-time highs will usher in a new bull market that once again shock the world? We’d love to hear your thoughts below!
Images are courtesy of Twitter, Shutterstock.