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- The flagship digital asset has consolidated between $28k and $30k in the past few weeks with a potential upswing largely anticipated.
- Several on-chain analysts have concluded Bitcoin is less likely to revisit below $20k again.
After briefly teasing above $30k twice in the past three days, Bitcoin’s (BTC) price has since retraced to retest the support level around $29.4k. However, Bitcoin’s volatility is expected to spike further in the coming days amid crucial data from the United States Bureau of Labor Statistics on Thursday and Friday. Additionally, crypto traders are eagerly awaiting next week’s ruling by the SEC on a Bitcoin ETF application filed by Cathie Wood’s Ark Investment company.
In the long haul, crypto experts are optimistic about Bitcoin’s bullish outlook amid mainstream adoption fueled by global receptive regulatory frameworks and heightened demand from institutional investors. For instance, payment giant PayPal has already introduced Bitcoin to its hundreds of millions of worldwide users. Similarly, BlackRock among other fund managers has expressed huge interest in providing their institutional investors with crypto assets exposure.
Bitcoin Price Well Position for Near Future Parabolic Rally
Since Bitcoin price hit its ATH around $69k in late 2021, the instrument has been trapped in a macro bear market that saw it trade below the 2017 ATH. However, the decentralized finance flagship coin has enjoyed a bullish stance YTD amid several high-profile fundamentals including the banking crisis earlier this year, and the ETF frenzy. According to the latest crypto price oracles, Bitcoin price has gained approximately 72 percent YTD.
However, a popular crypto analyst on the X platform called Trader Tardigrade has presented a bullish outlook for Bitcoin in the coming years based on historical data analysis. Notably, the crypto traders argued that Bitcoin could be currently following similar price action to 2016 and 2020, which were followed by huge gains in subsequent months.
Having presented similar Bitcoin price action from its bear market bottom, the crypto analyst expects the instrument to convert the resistance level around $31k to a support level. If Bitcoin bulls manage to hold the $32k area as a support level, the analysts highlighted that a rally towards ATH will be imminent before the next halving.
It's not surprised if $BTC goes parabolic with this bottom pattern formation.#BTC #Crypto pic.twitter.com/udkpVeH6S4
— Trader Tardigrade (@TATrader_Alan) August 9, 2023
On the upside scale, the analyst forecast a parabolic rally beyond $200k depending on the capital injection.
Bigger Picture
The cryptocurrency industry has gained significant utility in the past few years, with notable assistance from the Bitcoin lightning network. Currently, the Bitcoin network has a total dominance of about 50.50 percent out of the $1.22 trillion market cap. Bitcoin dominance is expected to decline in the coming years as the altcoin market gains more traction. However, the overall Bitcoin valuation is expected to gain exponentially fueled by huge capital inflows.
Interestingly, some market economists believe Bitcoin and the altcoins industry will soon out shadow the precious metal industry. Furthermore, more countries are accepting Bitcoin as the reserve currency in place of Gold.
