Bitcoin has achieved magnificent progress over the past six months as the world suffered from the outcomes of the Covid-19 pandemic.
According to reports, the cryptocurrency has nearly tripled since the peak of the pandemic that rattled the world.
Analysts expect there could be further gains for Bitcoin and explain what could happen next.
If you were following Bitcoin in the second half of 2017, you might remember a rally that pushed the cryptocurrency higher by about 700% in less than six months.
In 2017, investors became obsessed with Bitcoin, which formed a parabolic curve. A parabolic curve is the market’s way of telling us that a trading instrument has become detached from reality. The cryptocurrency started trading near $2,300 in June 2017, but by mid-December it had reached $19,600.
Parabolic moves are inherently unsustainable, and this one was no exception. By February 2018, Bitcoin had lost two-thirds of its value, falling back to $6,000.
Fast forward to 2020. Bitcoin has formed a massive ascending triangle pattern. In order to break out of this formation, it needs to climb above $13,000.