Story by: Michael LaVere
Bitcoin has started the year with a strong rally, gaining 20% through the first three weeks. However, one crypto analyst believes that the price of BTC may be approaching an 800% parabolic rally.
According to a Twitter post by prominent crypto analyst NebraskanGooner, bitcoin making a weekly close above its 0.65 fibonacci level has historically signaled a parabolic run for the coin’s price. The analysts says that historically the 0.236 fibonacci level has acted as a bottom for bitcoin’s rallies, with 4.23 fib being exceeded each time.
NebraksanGooner states that if bitcoin can close above $14,200–which seemed closer to a reality a week ago when BTC was trading above $9,000 — that the coin has the potential for an 800% rally which would take the price over $75,000.
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