Three widely followed crypto analysts believe Bitcoin (BTC) is likely gearing up for a parabolic surge.
Crypto strategist Michaël van de Poppe tells his 656,700 Twitter followers that Bitcoin is flashing bullish signals on the weekly chart.
According to the analyst, Bitcoin continues to trade above two crucial technical indicators on the weekly timeframe despite its retreat from the key psychological resistance at $30,000.
“Bitcoin breaks upwards and tests $27,600.
Good signs.
Weekly timeframe: holding 200 moving average and exponential moving average.
I think we’re continuing towards $38,000-$42,000 from here.”
Meanwhile, fellow crypto analyst Kaleo is also bullish on Bitcoin.
The top trader tells his 587,400 Twitter followers that he thinks Bitcoin is setting up for a move to fresh yearly highs en route to $40,000 after managing to reclaim support at around $27,000.
“I’m a fan of this breakdown / reclaim. See this a pretty solid risk/reward long setup for a potential move back to range highs. And yes, $40,000 is still a magnet.”
Pseudonymous trader Bluntz, who is known in the industry for calling the 2018 Bitcoin bottom, also believes that the king crypto’s corrective move from $30,000 is likely over and that BTC appears poised to resume its uptrend.
“Starting to get some nice follow through candles on daily for BTC after Friday’s reversal.
If this was a three wave ABC down complete, then new highs are potentially on the table.
Sentiment does seem to have flipped down here with many expecting further downside now.”
At time of writing, BTC is trading for $27,072.
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