👀 Ones to watch: The MOST undervalued stocks to buy right nowSee Undervalued Stocks

Bitcoin (BTC) to Go Parabolic Once This Happens, Analyst Says

Published 11/21/2024, 09:00 PM
Updated 11/22/2024, 12:15 AM
Bitcoin (BTC) to Go Parabolic Once This Happens, Analyst Says
BTC/USD
-

U.Today - Charles Edwards, a seasoned crypto analyst and Capriole Investments founder, shared a bullish macro forecast for Bitcoin (BTC). It is based on a pattern observed in the last three cycles. Should this play out, we are on the verge of a ballistic run of the largest crypto.

Bitcoin (BTC) to go parabolic after $100,000: Expert

Bitcoin (BTC), the first cryptocurrency, is about to enter the "parabolic phase" of its price growth. This stage of its ongoing bull run will start once the crypto king hits $100,000 per coin level, top expert Charles Edwards said to his 113,000 X followers.

Edwards noticed that Bitcoin (BTC) demonstrates such an impressive performance only once in four years. Simply put, every bull run has only one parabolic phase.

In 2018, this phase pushed BTC's price to 481% while, in 2022, it witnessed an almost 600% price spike from the cycle's low.

The lowest point of this cycle was registered in mid-November 2022 at $15,000, when markets were captured by the panic after the FTX/Alameda collapse. BTC's price ha sadded 553% since.

In March 2020, Charles Edwards authored the Bitcoin Energy Value price model. It masterfully predicted the Bitcoin (BTC) price to rally to $100,000 in 2025.

Bitcoin (BTC) price stopped one step away from target

The model is based on the correlation between the electricity expenses of Bitcoin (BTC) miners, electricity price rates and demand for digital gold.

Today, in the early morning hours, Bitcoin (BTC) reached $98,000 on major spot exchanges. By press time, its price is trying to stay above the $97,700 level.

In the last 24 hours, Bitcoin (BTC) traders lost $114 million thanks to liquidations, with almost 70% being short positions.

card

As covered by U.Today previously, CryptoQuant's CEO Ki Young Ju foresaw the first cryptocurrency dropping below $59,000 by the end of the year.

This content was originally published on U.Today

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.