Price Analysis

Bitcoin Reclaims Above $10k Projecting a Parabolic Bull Run

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Bitcoin resorts to trading above $10k in the wee hours of the trading session today. Additionally, the influential altcoins of the global crypto market like Ethereum, Zcash, XRP, XMR, etc., are also seen strengthening against the US Dollar. Moreover, this is the 6th time in a period of 7 months that BTC has reclaimed to trading above $10k against the greenback. However, three out of six times were just an illusion, and momentary hits above $10k.

However, this time the bounce is believed to be real and not illusionary as it was just at the opening of the week today when Bitcoin, Gold, and silver were soaring, but the stock market was flat and choppy. Time and again, Bitcoin and investment are compared with Gold, Silver, and returns between the two. Gold is hitting an All-Time High in the middle of the Pandemic, which is an addition to concerns of the economy.  In this regard, BTC is the next to the go-to option that is standing at par with Silver in terms of investment avenues.

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Undoubtedly, the recent price reclamation will not be persistent due to volatile nature and to avoid manipulations. And BTC can, therefore, have a pullback or correction and retest at $10k before the final rise in the price that networkers awaited after the 3rd Bitcoin Halving.

The chronology has been known and believed to breach a skyrocketed price if the coin is maintaining a similar momentum, which is believed to happen this time. The entire cluster of networkers was waiting for a price rally and a parabolic Bull Run. Moreover, as we confirm the parabolic pattern, we see that the coin has broken above the descending trendline, which was in action since the ATH of 2017. This bullish candlewick can be that one step towards breaching the wrecked pattern.

Apart from the glossy price dynamics of BTC, it is believed to hold power beyond the physical form of money and fiat with a fixed supply. An example of the same has been crystal clear in times of the ongoing Pandemic due to Coronavirus, wherein the center has eased QE, and unlimited printing and supply of bills is going to lead nowhere but hyperinflation. The ultimatum to gradually stabilize inflation and have it as a catalyst in the economy is nothing but resorting to Bitcoin and crypto.

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BTC/USD Price Chart by TradingView

The price front is clear and self-explanatory on the intraday chart as Bitcoin draws a bullish crossover around the closing of the month. While Bitcoin trades around $10.2k, it is retaining complete support from the daily MAs at $9.9k and $9.6k. The 20-day Bollinger Bands are holding moderate extremity, and we do not project unprecedented volatility. As the massive currency by market capitalization breaks the most awaited resistance, the demand has spiked, which is confirmed by the RSI that is lying at 67.88.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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