Bitcoin Parabolic Trend Is Getting Closer To A Breakdown

The Bitcoin parabolic trend is getting closer to a breakdown according to one analyst as we can see more today in our latest Bitcoin news today.

Bitcoin’s price was in a strong uptrend since Black Thursday which turned fully parabolic in the last quarter and resulted in a new all-time high. According to one analyst, the first cryptocurrency is closer to breakdown as the Bitcoin parabolic trend is shifting at the curve that was supporting the upwards momentum for months.

Bitcoin’s price is $1000 below its 2020 peak but clinging onto the support ahead of the arrival of the new year, the coin is the main investment of the year which brings more positive portfolio performance during the backdrop of the economic uncertainty and the crashing dollar. The perfect storm for the cryptocurrency was combined with all institutions realizing that the asset has a strong potential as a store of value and hedge against strong inflation.

The surge of FOMO from the wealthy buyers propelled BTC to where it is now and caused more support to take on the parabolic shape. The correction was bought with fury over the past few months as the price action was increasing and resulted in a parabolic curve breaking down for the first time. bitcoin’s uptrend started in December 2019 or after the Black Thursday event depending on how you look at it. the black swan event was an anomaly but the asset climbed up again shortly after.

Also, a new buying opportunity was created for the asset that resulted in a 500% ROI in one year. The parabolic curve breaking down could lead to a temporarily bearish phase or could cause the asset to keep on climbing higher in the upward trajectory. Previous instances of the parabolic curves show both of these examples.
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In 2016, the parabolic curve kept going but in 2019 it broke down and brought a new bear market. Another parabolic shape could be losing support right now but considering the strong uptrends, a short-term change is quite possible and it also doesn’t mean that the uptrend is a lost cause.

Shakeouts attract new investors and allow the price to increase in a healthy way but when assets climb too fast, the selloffs are getting nasty.