Well, it looks like it’s officially time to regret not consolidating more when we had the chance. Bitcoin price didn’t take a break. Instead, it went a bit parabolic to nearly $7,000 or 100% gains since the December 2018 lows.
As Bitcoinist correctly called it earlier this week, the bitcoin price rally has continued.
Moreover, signs suggest that the predicted a new parabolic phase for bitcoin price may have arrived already. Following yesterday’s move through $6400, massive overnight gains saw first $6500, then $6600, $6700, and $6800 fall.
Additionally, Max Keiser’s ‘chip shot’ to the $10,000 hole is looking increasingly makeable.
At press time… Goddamn it, we just hit $6900… $6950 as I watch. And this is on Bitstamp, traditionally more conservative with their price tracking. Such is the nature of the parabolic beast.
So when is it going to stop?
Popular market commentator known as Parabolic Trav notes that the extending dailies (forming the parabola) typically marks the blow-off phase. This might suggest that we are nearing the top of this wave, although he is uncertain whether it could catch again and power up.
What I’ve been watching. Dailies starting to extend (progressively getting larger). pic.twitter.com/xhHnABk3Re
For more clarity: I’m saying it might be imminently blowing off and this might be top. At least this wave, not sure if it catches again and powers up.
You wait all this time for a parabola, then when it finally comes, that signals the end of the parabola. Such is the nature of the parabolic beast. Because of course, if you are parabolic for too long, that’s pretty much straight up.
Speaking of which, Bitcoin commentator, Dovey Wan, pointed out that the parabola doesn’t have much further to go to break $7300. From there, she reasons, “we are going to the f**king moon.”
Her reasoning being that $7300 is a former level of both support and resistance, plus its a nice round ￥50000 number on Chinese Yuan.
You may recall that back in early March, Bitcoinist’s very own senior market analyst, fil₿fil₿, made a bet with Leah Wald and Lucid Investments.
Leah felt that BTC/USD was going down before it went back up. and wagered 1 bitcoin that BTC would hit $1500 before it hit $6500.
At the time, price was falling slightly towards $3700, having failed to break through $4000. Interestingly, from the time they made the bet, BTC price has moved steadily upwards, never going under $3700 since.
$6500 $BTC ON STAMP and thats a wrap folks.
Full journey in the chart below.. amazingly after we took on the bet, Bitcoin NEVER looked back to the $3600s…
— fil₿fil₿ (@filbfilb) May 11, 2019
In either case, fil₿fil₿ wins the 1BTC bet, and Wald has already sportingly taken to Twitter to congratulate him.
At the same time, Bitcoin’s parabolic burst may now take a pause, according to fil₿fil₿.
“All out at $6750,” he wrote on Twitter. “Still think $7.5k is possible but I’m done for now.”
So why is bitcoin price going parabolic right now? Politicians yelling “ban Bitcoin” seems to be doing the trick.
“That Sherman guy was the icing,” fil₿fil₿ explains. ” While the Fidelity Crypto launch is likely also adding to the renewed market optimism, he adds.
Trade Bitcoin, Litecoin and other cryptocurrencies on online Bitcoin forex broker platform evolve.markets.
Where is this ‘parabolic’ phase of bitcoin going to stop? Share your predictions below!
Images via Shutterstock, Tradingview.com
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