Bitcoin Bullish Prediction: Parabolic Rally Is Imminent As BTC Hits $12k
The crypto market looks great today, with Bitcoin eventually being able to hit $12k.
At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $12,248.00.
There have been all kinds of optimistic predictions about Bitcoin these days, and more are coming following this explosion in price.
New parabolic BTC bull ahead
It’s been just revealed that some crypto traders are expressing their bullish sentiments on Bitcoin after BTC rallied amidst an S&P 500 (SPX) sell-off the other day.
This indicated the fact that BTC’s correlation with traditional markets may be coming to an end.
The online publication the Daily Hodl noted that “On Monday, the world’s leading cryptocurrency climbed as high as $11,835, up by 3.4%, while the S&P 500 tanked 1.63%.”
This unusual failure in correlation caught the attention of financial markets editor Holger Zschaepitz, who said on Twitter that Bitcoin is “emerging as a relative oasis of calm and outperformance.”
#Bitcoin rallies to almost $12k while stocks stumble as the cryptocurrency is emerging as a relative oasis of calm and outperformance. Crypto fans are closely watching the $12,000 level as a major hurdle to cross before it can embark on a bigger rally. https://t.co/z9SG8g909S pic.twitter.com/Rr5zRV0Ot2
— Holger Zschaepitz (@Schuldensuehner) October 19, 2020
Bullish predictions about the price of BTC ahead
This apparent decoupling of BTC and the S&P 500 is watched by crypto traders.
— Credible Crypto (@CredibleCrypto) October 19, 2020
Here’s what another popular trader had to say:
I think we start to go parabolic soon pic.twitter.com/K5skaCcWjh
— The Crypto Dog📈 (@TheCryptoDog) October 19, 2020
Just the other day, we addressed a prediction saying that BTC will hit $225k by the end of next year.
Bitcoin bull and Morgan Creek Digital Assets co-founder Anthony Pompliano mapped out some reasons for which he believes BTC could reach $225,000 in just over a year.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.