- Bitcoin has seen tremendous momentum in recent days, with the cryptocurrency price surging to new highs of over $ 30,000 as the uptrend turns parabolic.
- Where medium-term cryptocurrency trends will undoubtedly depend on whether bulls can maintain full control over the cryptocurrency’s revival or whether it will top out
- Some analysts believe that the lack of bid-side support just below BTC’s current price could result in a sharp drop if there is a flurry of selling pressure.
- One analyst still believes he expects momentum to continue in the near term
- He notes that the break above USD 29,400 triggered this move and it is likely to expand further in the coming days.
Bitcoin has seen one of the wildest rallies in its history in recent weeks, with its momentum matched only by historic rallies such as those in 2017 and previous years.
The crypto is now trading up nearly 10x from its 2020 low of $ 3,800 set during the March sell-off.
The parabolic upward trend is showing no signs of slowing down for now, and one analyst believes it is only a matter of time before it starts to see further upward.
Bitcoin explodes past $ 30,000 as Uptrend goes parabolic
At the moment of writing, Bitcoin is trading more than 12% at the current price of $ 33,100. This marks a massive rise from the recent lows of USD 26,000 set a few days ago.
As long as buyers can maintain control of the lower-priced $ 30,000 region, this could set a new bottom for the cryptocurrency it can expand on.
Analyst: BTC Strength shows no signs of slowing down
A trader explained in a recent tweet what he is now looking forward to Bitcoin to continue this uptrend.
He notes that the break above USD 29,400 has elevated this move and he may be able to continue creating tailwind for it.
BTC – $ 31k +: Momentum was strong and it was a key level to break back above USD 29,400. I would expect the momentum to continue with Bitcoin moving upwards. Now, $ 19k- $ 20k Bitcoin doesn’t sound that bad – many now want them to buy more at those levels. “
Image Courtesy of Josh Rager. Source: BTCUSD on TradingView.
The next few days should provide serious insights into where the entire market will evolve in the medium term, whether or not Bitcoin posting a blow-off here will tell you about its current strength.
Featured image from Unsplash. Charts from TradingView.