The crypto market is recovering following the latest correction in prices.
At the moment of writing this article, BTC is trading in the green and the king coin is priced at $51,536.
It’s been revealed that the widely followed crypto analyst said that there’s likely one technical catalyst that will send Bitcoin on a long-awaited parabolic rally.
The online publication the Daily Hodl notes that in a discussion with fellow crypto strategist Benjamin Cowen, pseudonymous analyst TechDev is showing a chart that he says hints when BTC will make a break into six-figure territory.
The same online publication notes that TechDev does the following:
“combines logarithmic growth curves with Fibonacci levels and lays them on top of a long-term Bitcoin chart with two-week candles.”
He said that Bitcoin tends to go parabolic once it breaches the 1.618 Fibonacci level, which also happens to be in the same place as the middle logarithmic band.
“Nothing looks off track to me as far as [the] health of the market right now. As of today, we’re kind of right at what I would call a key intersection point between this mid curve of the log regression band, this 50% fib curve of this band and this 1.618 level. If we can close a 2-week candle above it, I am expecting some explosive price velocity upwards, and I’m excited to see where that takes us.”
Investors bought the dip
It’s been revealed that the crypto analytics firm Santiment says that the market’s latest crash is stirring up investor interest in “buying the dip.”
As the online publication the Daily Hodl notes, the market insights agency just said that Bitcoin (BTC) and Ethereum (ETH) are seeing their prices find support thanks to the highest instances of “buy the dip” mention on social media seen since early September.
“Bitcoin fell all the way to $43,500 about an hour ago, along with Ethereum dropping to $3,540. However, prices are bouncing with the largest ‘buy the dip’ interest spike in 3 months.”
Stay tuned for more Bitcoin-related price predictions.