Bitcoin Could Rally 800% after Breaching Key Level, Analyst Predicts

  • Prominent Twitter crypto analyst NebraskanGooner predicts that bitcoin closing above $14,200 could lead to a parabolic rally.
  • The analyst says historically bitcoin's price would increase 800 percent to $75,000.

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.

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. 

Other users were more skeptical, pointing out that bitcoin trading at $75,000 would require the market capitalization to reach $1.5 trillion. 

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