Bitcoin Analysts Still High On Hopium
To say that Bitcoin (BTC) has been doing well over the past week would be a dramatic understatement. In the past week, BTC has rallied by over $1,500, effectively clearly boosting itself out of a bear market. While the bullish momentum has slowed for the time being, with the cryptocurrency sitting at $7,800 after touching $8,150 on Monday, many analysts are still extremely optimistic.
In a recent tweet, popular trader Moon Overlord suggested that contrary to popular belief, Bitcoin is still trading in a parabolic pattern. If the trend holds, Overlord suggests that if BTC passes $8,200, it could quickly gap to $9,818, but may stop there as a result of historical resistance. The analyst, however, notes that this move is “complete insanity,” hinting that this move may be reaching the point where it could be deemed somewhat inorganic.