Bitcoin has been on an absolute roll over the past month, surging from $6,400 to $9,200 in a jaw-dropping fashion. Altcoins have followed suit, posting even more impressive gains as buyers have finally stepped in.<\/p>\n
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Prices have since stalled, with BTC now trading at $8,500, as just reported by NewsBTC.<\/a> Despite this 8% drop from the local high, a prominent trader is sure that as long as Bitcoin holds a price level, it will remain in a short-term parabolic trend that will bring the cryptocurrency’s price into five digits.<\/p>\n Over the past few months, there have been few analysts charting out Bitcoin’s price action as eerily accurate as Dave the Wave.<\/a><\/p>\n The pseudonymous yet respected analyst called in the middle of 2019 that BTC would bottom at $6,400, and it did, with the price rebounding decisively off that level on at least one occasion.<\/p>\n Dave recently posted the below analysis on Monday<\/a>, showing that BTC is in the midst of going near-vertical in a short-term parabolic uptrend. The parabolic uptrend he depicts is playing out, though for it to continue, the price will need<\/em> to hold $8,600.<\/p>\n If the price can hold that level over the coming day or two, his chart suggests that Bitcoin will continue to go parabolic above $10,000 in a move that will bring it 40% higher from the current price of $8,500 to $11,500.<\/p>\n Shorter term<\/p>\n Fractal still alive… pic.twitter.com\/NoY5igvRCw<\/a><\/p>\n — dave the wave\ud83c\udf0a\ud83c\udf13 (@davthewave) January 21, 2020<\/a><\/p><\/blockquote>\nBitcoin Needs to Hold This Level to Go Parabolic<\/strong><\/h2>\n
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