After a month of intense downward correction, the Bitcoin price action is gaining momentum and is currently trading at $10,528. $10K is a key psychological price level for the cryptocurrency and it has finally started ascending towards the next resistance at $10,800.
Crypto analysts are predicting that Bitcoin’s recent upwards movement may be an early stage of its next parabolic phase. According to Peter Brandt, a crypto expert and prominent analyst, this parabolic phase could lead the price significantly past its previously established all-time highs.
Since August 30, 2019, Bitcoin price has been hitting a new high every day. It crossed the psychological $10K mark on September 2, 2019. This is a relatively good high and the next major target for Bitcoin bulls is $12K.
Many other crypto experts are holding a bullish sentiment on Bitcoin’s price action and it can be deduced that Bitcoin is currently entering its fourth parabolic phase. It might be too early to know for sure, however, once Bitcoin crosses the $12K level, all bullish possibilities will be confirmed. A failure to breach the $12K level may, however, send us back to test $9,100 major support level. In either case, after a weekend of very low volatility in both bitcoin and the broader crypto market, the number one cryptocurrency did find some buyers overnight. At the time of writing, Bitcoin price is up by 1.67% in the past 24 hours.
The rising tension in the US-China trade war, the looming threat of a no-deal Brexit and the launch of China’s digital currency are the factors contributing to an uptrend. The crypto community has been looking for a correlation between Litecoin’s price collapse post halving and Bitcoin’s upcoming halving, but celebrated quantitative analyst, PlanB, mentioned that the above logic is flawed. Bitcoin has a significant stock-to-flow relation compared to Litecoin, and the halving is relevant to the bullish price action.
Bitcoin’s mining hash rate has been explosive in the past week and this could indicate better security and decentralization of mining power across more users. Currently, Bitcoin is clocking an all-time high mining hash rate of 84,033,177 TH/s, data from monitoring resource and wallet provider Blockchain.com confirmed. That number is a record in BTC’s ten-year history. Since hashing precedes Bitcoin, more hashes per second indicate that higher computing power is dedicated to the Bitcoin Network. It will be interesting to see Bitcoin’s price action this week to find out if it entered the parabolic phase.
– This article was originally posted at CryptoTraderNews
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