Room to Run: Bitcoin (BTC) Hasn’t Printed Parabolic “Correction” Signal

Bitcoin (BTC) has undoubtedly been trading in a parabolic pattern since bottoming in December at $3,150. The past few months have seen the cryptocurrency market absolutely explode, posting new highs every other week. Until now anyway.

Related Reading: Keiser: $100,000 BTC as Trump’s Anti-Bitcoin Tweet to Drive US-Skeptic Nations to Crypto

As of the time of writing this, BTC has found itself changing hands for $11,300 — down around 20% from its year-to-date high of $13,850. The asset has failed to put in a new year-to-date high in about three weeks, marking the end of a nearly seven-month-long parabolic swing to the upside.

With this, some are wary that a large correction could ensue, one that could bring Bitcoin back to $7,000 or even pre-rally levels in the $4,000s and $5,000s.

You see, when parabolas correct in financial markets, they correct hard. In Bitcoin’s case, this is especially relevant, as it exists as an early-stage asset that is hyper-volatile and reflexive.

As Peter…