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Bitcoin Again Going Parabolic To Hit Upto $300K
Hi friends hope you are well today we will see how the Bitcoin turns parabolic after every halving event. For this purpose I would like to take you back to the first halvening event of 2012. And on weekly long-term chart we can observe that after the halving event the price action went strong bullish and moved in parabolic way for next one year. This powerful bullish rally was up to 10,000% and that was really a big move. After achieving the highest price the BTC dropped down again and in June 2014 the Bitcoin showed a recovery rally. That was the time when the people would be thinking that it it will be recovered back to the highest price that was $1163 at that time. But the price action moved down again and retraced up to 0.786 Fibonacci level. After this retracement the price action formed a double bottom on the strongest support of 200 simple moving average and turned bullish again.
Parabolic move after halving event of 2016:
Now if we take a look at the halving event of 2016. Then after this event the price action againg turned parabolic bullish and produced more than 3000% gains. After achieving the highest price the leading cryptocurrency dropped down again and in the month of June 2019 the price action again showed a recovery move up to $13880. And this was the time when we were thinking that the Bitcoin has finally started recovery rally and it will be moved back up to the previous highest price level. That is the $20,000 but the price action of Bitcoin again moved down and retraced up to 0.786 Fibonacci level. This time we can see that the priceline has again formed a double bottom on the 200 simple moving average on this weekly chart like it was happened back in 2015.
Parabolic move after halving event of 2020:
Now after this double bottom formation on 200SMA the price action has gone through the 2020 halving event. Therefore we can expect another parabolic move by the priceline of BTC. If we notice the previous bullish move after the halving event of 2016 then that was 70% less profitable than the bullish move that was happened after the halving event of 2012. So if we expect the 70% less profit that was produced after the halving event of 2016 then the BTC can easily achieve $100,000 price level. However if the Bitcoin again produces 3000% profit than it can reach upto 300K.
Bitcoin is parabolic since came into existence:
Now if we take a look at the complete price action of Bitcoin since it has been came into existence. Then it can be clearly seen that the Bitcoin is moving parabolic. And it has never truned bearish, because we can see after achieving every highest price level the Bitcoin retraces between 0.382 to 0.786 Fibonacci retracement level. And the retracement upto 0.786 Fibonacci level can be called a correction move. Therefore we can say that after achieving every highest price in the history of Bitcoin the Bitcoin starts a correction for the next bullish move.
The most important factor behind this parabolic move:
On this weekly chart we can also observe that the basic reason for the parabolic bullish move of the Bitcoin is the 200 simple moving average. As this moving average is also moving in parabolic shape and not letting the price action to break down this 200SMA support. And this time again the priceline has hit at this support level and took bounce for the next bullish move and the 200 SMA is lifting up the Bitcoin price level in the parabolic way.
Conclusion:
After every halving event the BTC turns parabolic. If this happens again then Bitcoin can easily reach the 100K to 300K price level within next 2 to 3 years.
Note: This idea is education purpose only and not intended to be investment advice, please seek a duly licensed professional and do you own research before any investment.
Parabolic move after halving event of 2016:
Now if we take a look at the halving event of 2016. Then after this event the price action againg turned parabolic bullish and produced more than 3000% gains. After achieving the highest price the leading cryptocurrency dropped down again and in the month of June 2019 the price action again showed a recovery move up to $13880. And this was the time when we were thinking that the Bitcoin has finally started recovery rally and it will be moved back up to the previous highest price level. That is the $20,000 but the price action of Bitcoin again moved down and retraced up to 0.786 Fibonacci level. This time we can see that the priceline has again formed a double bottom on the 200 simple moving average on this weekly chart like it was happened back in 2015.
Parabolic move after halving event of 2020:
Now after this double bottom formation on 200SMA the price action has gone through the 2020 halving event. Therefore we can expect another parabolic move by the priceline of BTC. If we notice the previous bullish move after the halving event of 2016 then that was 70% less profitable than the bullish move that was happened after the halving event of 2012. So if we expect the 70% less profit that was produced after the halving event of 2016 then the BTC can easily achieve $100,000 price level. However if the Bitcoin again produces 3000% profit than it can reach upto 300K.
Bitcoin is parabolic since came into existence:
Now if we take a look at the complete price action of Bitcoin since it has been came into existence. Then it can be clearly seen that the Bitcoin is moving parabolic. And it has never truned bearish, because we can see after achieving every highest price level the Bitcoin retraces between 0.382 to 0.786 Fibonacci retracement level. And the retracement upto 0.786 Fibonacci level can be called a correction move. Therefore we can say that after achieving every highest price in the history of Bitcoin the Bitcoin starts a correction for the next bullish move.
The most important factor behind this parabolic move:
On this weekly chart we can also observe that the basic reason for the parabolic bullish move of the Bitcoin is the 200 simple moving average. As this moving average is also moving in parabolic shape and not letting the price action to break down this 200SMA support. And this time again the priceline has hit at this support level and took bounce for the next bullish move and the 200 SMA is lifting up the Bitcoin price level in the parabolic way.
Conclusion:
After every halving event the BTC turns parabolic. If this happens again then Bitcoin can easily reach the 100K to 300K price level within next 2 to 3 years.
Note: This idea is education purpose only and not intended to be investment advice, please seek a duly licensed professional and do you own research before any investment.
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