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Bitcoin (BTC) Likely On the Verge Of Parabolic Rally, Analyst Notes

Bitcoin (BTC) Likely On the Verge Of Parabolic Rally, Analyst Notes

Bitcoin Indicators Point Towards Start Of Bull Run

While some have been skeptical of this rally, claiming that Bitcoin (BTC) isn’t ready to rally, a few indicators show that the recent move to $8,000 is about to kick off a parabolic run.

Popular analyst Nebraskan Gooner recently noted that his proprietary “Top Goon X” indicator, which has historically flashed “buy”/”parabolic” to precede massive moves to the upside, has just issued a signal after over three years of inactivity. As seen below, the last four times a “parabolic” signal was issued on the daily chart, massive exponential moves graced Bitcoin in the coming months and years. If history is of any indication, this could be the latest sign that “crypto winter” is finally over, and we’re about to be flung into spring, then summer.

#Bitcoin Top Goon X has only ever given the "Parabolic" daily signal 5 times. Those 5 times are marked with an arrow on this chart. — NebraskanGooner (@nebraskangooner) May 19, 2019

This isn’t the only bullish sign though. In another tweet, Nebraskan suggested that Bitcoin’s current daily chart structure is looking much like it did during BTC’s 2013 rally. The investor, who founded exchange upstart Level, drew attention to a chart that showed that the current candle formation is what was seen prior to BTC rallying from $200 to $1,200 in 2013. The fact that BTC has continued to fulfill 2013’s trend, by printing a relatively flat candle today, adds to Nebraskan’s theories that a huge rally may just be inbound.

I'm usually pretty conservative on my #bitcoin views But… There is a a potetnail that we see something similar to what happened in 2013 I have reasoning which I can share either in a video or a thread at a later time Don't be the person trying to short this the whole way up — NebraskanGooner (@nebraskangooner) May 19, 2019

Aside from technicals and historical trends, there are other clears signs that new all-time highs for the leading cryptocurrency are just a matter of time. As Ethereum World News reported previously, Thomas Lee of Fundstrat Global Advisors claims that there are upwards of 13 reasons why “crypto winter” is over. These include the Bitcoin Misery Index reaching 89, a trend only seen in bull markets; Bitcoin bulls coming out of the woodwork after hiatuses; surging over-the-counter volumes; and a growth in the number of daily on-chain transactions, signifying underlying interest in BTC as a technology, not just as an investment.

Really? Maybe Not Yet

Maybe the rally isn’t on yet. As Bravado’s lead analyst, Bitcoin Jack, recently drew attention to, BTC remains under a key resistance of $8,400, which has proven to be a formidable level over the past two weeks. As seen below, BTC is currently being pressured by that level, which could result in a rapid tumble if the $8,400 resistance isn’t purged in good time. In a later tweet, Jack suggested that if $8,400 holds, a move to $5,000 could occur, whereas Bitcoin and the rest of the cryptocurrency market would enter a second phase of accumulation before another fully-fledged bull run.

This is what I am looking at Change slightly with a higher high from here, this would push the green floor up I will long the &^*%$# out of the high 4K range — Bitcoin

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