ambcrypto.com
The cryptocurrency market welcomed Bitcoin’s price reaching $10k. The world’s largest cryptocurrency successfully breached its immediate resistance and was trading at $10,714.33, at press time. With the Bitcoin community hoping that the next rally breaches $25k, an old-school trader noted this to be the fourth parabolic phase for Bitcoin since its inception.
Peter Brandt closely observed Bitcoin’s movement as it breached $10k. He tweeted,
“Bitcoin takes aim at $100,000 target. $btcusd is experiencing its fourth parabolic phase dating back to 2010. No other market in my 45 years of trading has gone parabolic on a log chart in this manner. Bitcoin is a market like no other.”
Source: Twitter
The trader compared the price of Bitcoin to that of prominent stocks, by including a chart that highlighted Bitcoin’s returns along with its highs and lows.
Source: Twitter
Bitcoin’s hyperbolic rise in 2017’s bull run resulted in the price of the coin rising from $2 to $19,531. A similar pattern was observed by Brandt in the coin’s movement. The 2017 boom gave massive returns to investors, which have been rarely observed with stocks.
The Dow Jones Industrial Average has risen 873-fold since 1903, while Bitcoin being just 7 years old, rose 9,765 fold. With Bitcoin charts tracing a similar pattern and if the coin does follow Brandt’s prediction, then investors are going to get luckier.
At press time, BTC was valued at $10,794 with a market cap of $191.858 billion. The 24-hour trading volume of the coin was reported to be $25.28 billion as the coin spiked by 10.68% over the day. Bitcoin noted a growth of $24.51% over the week and continued to grow by 0.51% within the hour.