- Bitcoin has seen massive momentum in the past few days. The price of the cryptocurrency surged to new highs of over $ 30,000 as its upward trend becomes parabolic
- Where cryptocurrency trends will be in the medium term will undoubtedly depend on whether bulls can retain full control of the crypto upswing or whether it will hit a blow-off top
- Some analysts believe the lack of support on the bid side just below the current price of BTC could result in a sharp drop if selling pressures mounts sharply
- One analyst continues to assume that the momentum will continue in the short term
- He notes that the break above $ 29,400 triggered this move and that it is likely to expand further in the coming days
Bitcoin has seen one of the wildest rallies in history in the past few weeks. The momentum was only surpassed by historic rallies like 2017 and years before.
The crypto is now trading nearly 10 times higher than the 2020 lows of $ 3,800 set during the March sell-off.
The parabolic uptrend is showing no signs of slowing for the time being, and an analyst believes it is only a matter of time before he sees another uptrend.
Bitcoin explodes above $ 30,000 as the uptrend turns parabolic
At the time of writing, Bitcoin is trading over 12% at its current price of $ 33,100. This is a massive rebound from recent lows of $ 26,000 set a few days ago.
As long as buyers can keep their control of the region on less than $ 30,000, this could become a new floor for cryptocurrency to expand to.
Analyst: BTC strength shows no signs of slowing down
A trader recently stated in a tweet that they are now waiting for Bitcoin to continue this upward trend.
He notes that the break above $ 29,400 triggered this move higher and may continue to generate tailwind for it.
BTC – $ 31,000 +: The momentum was strong and breaking back above $ 29,400 was a key level. I would expect the momentum to continue on the upside with Bitcoin. Now, Bitcoin worth $ 19,000 to $ 20,000 doesn’t sound that bad anymore – many now wish they could buy more at these levels. “
Image courtesy Josh Rager. Source: BTCUSD on TradingView.
The coming days should provide some serious glimpse into the mid-term development of the overall market as the question of whether or not Bitcoin hits a blow-off top here will shed some light on its current strength.
Featured image from Unsplash. TradingView charts.
