- Bitcoin has seen some massive momentum throughout the past few days, with the cryptocurrency’s price rallying to new highs over $30,000 as its uptrend turns parabolic
- Where the cryptocurrency trends in the mid-term will undoubtedly depend on whether or not bulls can maintain full control of the crypto’s upswing or if it will post a blow-off top
- Some analysts do believe that the lack of bid-side support just below BTC’s current price could result in it seeing a sharp drop if there’s a flurry of selling pressure
- One analyst still believes that he expects its momentum to continue in the near-term
- He notes that the break above $29,400 was what sparked this movement and that it will likely extend further in the coming days
Bitcoin Explodes Past $30,000 as Uptrend Turns Parabolic
At the time of writing, Bitcoin is trading up over 12% at its current price of $33,100. This marks a massive upswing from recent lows of $26,000 set just a few days ago.
So long as buyers can maintain their control over the lower-$30,000 region, this could become a new floor for the cryptocurrency upon which it can expand off of.Analyst: BTC Strength Shows No Signs of Slowing
One trader explained in a recent tweet that he is now watching for Bitcoin to continue this uptrend.
He notes that the break above $29,400 sparked this move higher and may continue creating tailwinds for it.“BTC – $31k+: The momentum has been strong and breaking back above $29,400s was a key level. I’d expect the momentum to continue with Bitcoin to the upside. Now $19k-$20k Bitcoin doesn’t sound so bad – many now wish they bought more at those levels.”
Image Courtesy of Josh Rager. Source: .
The coming few days should provide some serious insights into where the entire market will trend in the mid-term, as whether or not Bitcoin posts a blow-off top here will be telling as to its present strength.
Featured image from Unsplash. Charts from .