Bitcoin today smashed through its short-term “bearish ceiling” set after running into resistance earlier this week. With the level now out of the way and cleared, the asset’s larger parabolic move continuing is “imminent,” according to one crypto capital manager.
Here’s what the rest of the parabolic move might look like, once the uptrend regains its previous momentum.
Bitcoin Blasts Through Bearish Ceiling, Nabs Another New Record High
Following the news that Tesla had bought $1.5 billion in Bitcoin, the leading cryptocurrency by market cap posted among its largest daily candles in history. However, price action was stopped short of touching $50,000, which is the next major round number for the asset to beat.
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Indecision struck when the next day the impulse didn’t continue, resulting in a doji and a drop on the next day. Newly attained support held, and already Bitcoin has taken out the short-term bearish ceiling set when the uptrend hit resistance recently.
With any sort of resistance now out of the way, one crypto capital manager believes that the longer-term “parabolic” move continuing is “imminent.”
Bitcoin smashed through its bearish ceiling this morning, according to a chart shared by Ross | Source: BTCUSD on TradingView.com
Here’s How High The Cryptocurrency Could Climb When The Parabolic Move Resumes
When assets go “parabolic” an increasingly higher base is built until it all comes tumbling down. Ross’s expectations fall in line with the idea that the consolidation phase between $40,000 and $30,000 was yet another base built, and the parabola will soon continue.
Bitcoin has so much more room left to climb according to a long-term look at the asset's bullish channel | Source: BTCUSD on TradingView.com
In terms of how high things can go, a long-term uptrend channel shows just how far the larger parabolic move has left to climb, along with comparisons to past uptrends to confirm the legitimacy of the expectation.
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If past trajectories are followed perfectly, the price per BTC could reach as high as $325,000 or more at the next major bull market peak. Currently, the same chart depicts that Bitcoin is barely one-third of the way through its larger parabolic move, which Ross believes is about to resume.
Wherever the move ends up taking the price per Bitcoin to ultimately, what comes next is yet another bear market and a chance to accumulate more BTC to do it all again.
FEATURED IMAGE FROM DEPOSIT PHOTOS, CHARTS FROM TRADINGVIEW.COM