Bitcoin Price to Soon Go Parabolic? Analysts Say It’s Possible

Story by: Nick Chong

Bitcoin (BTC) hasn’t done too hot over the past few months, plunging some 50% since the June top of $14,000. The selling has stopped over the past few weeks, with the price of the leading cryptocurrency flatlining in the low-$7,000s.

Related Reading: Bitcoin Fixes This: Top Bank Chief Says Monetary Policy is Failing

Considering the price action that has transpired, it should come as no surprise that sentiment has been rather bearish, with a confluence of prominent technical analysts recently remarking that they expect the price of Bitcoin to tumble by 20% over the next few weeks.

Though, some investors are keeping their heads up, not letting sentiment sully their mood.

A commentator going by Carl posted the below tweet late last week, which quickly blew up on Crypto Twitter. In it, the Bitcoin proponent remarked that the PlusToken Wallet scammers are likely going to run out of BTC to liquidate shortly as the halving approaches, setting the stage for a supply-demand dynamic that will cause price rises and to potentially “go parabolic.”