Bitcoin has started the year with a strong rally, gaining 20% through the first three weeks. However, one crypto analyst believes that the price of BTC may be approaching an 800% parabolic rally.
According to a Twitter post by prominent crypto analyst NebraskanGooner, bitcoin making a weekly close above its 0.65 fibonacci level has historically signaled a parabolic run for the coin’s price. The analysts says that historically the 0.236 fibonacci level has acted as a bottom for bitcoin’s rallies, with 4.23 fib being exceeded each time.
NebraksanGooner states that if bitcoin can close above $14,200–which seemed closer to a reality a week ago when BTC was trading above $9,000 — that the coin has the potential for an 800% rally which would take the price over $75,000.
History tells us that a weekly close above the 0.65 fibonacci will send BTC into a new parabolic bull run.
The 0.236 fib has often acted as a bottom and the 4.23 fib has been exceeded each time.
This means a weekly close above $14,200 would see BTC reach over $75,000. pic.twitter.com/gBmUxx3nE7
— NebraskanGooner📈 (@nebraskangooner) January 20, 2020
NebraskanGooner further exclaimed his analysis in the tweet’s comments, claiming that “any weekly close” for bitcoin above $14,200 could lead to the rally.
Any weekly close. Doesn't have to be this week. Could be in 6 months. Who knows.
— NebraskanGooner📈 (@nebraskangooner) January 22, 2020
Other users were more skeptical, pointing out that bitcoin trading at $75,000 would require the market capitalization to reach $1.5 trillion.
a) This would mean nearly 1,5 TRILLION marketcap
b) money doesn't grow in the trees
c) remember you are using a log-based chart ( exponential profits can last forever)
d) please don't forget also that a LOT of people follow and trust your words🙏
— Crypto Spain (@CryptoZeben) January 20, 2020
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