Bullish? Bitcoin Might Be Entering Another Parabolic Price Phase, Analysis Suggests

Despite the serious price decline that Bitcoin went through a few days ago, the weekend was rather fruitful and the cryptocurrency managed to gain upwards of $300 since Friday. Meanwhile, the network’s condition is looking healthier than ever as the hashrate surpassed 90 quintillion hashes per second. Amid conditions of the kind, Peter Brandt, a veteran trader, and author thinks that Bitcoin might have entered yet another parabolic phase. 

Bitcoin’s Current Condition

Bitcoin saw a rather positive weekend of trading as the cryptocurrency gained upwards of $300 since 

As Cryptopotato reported, the relative calmness in the cryptocurrency’s price action in the days before that might have been a signal that a new move is shaping up, either to the top of the descending triangle at $10,300 or towards the bottom of it at around $9,200. For now, it seems like the first scenario is more likely. 

Going forward, the network’s condition is also looking healthier than ever. 

Bitcoin Hashrate. Source: Blockchain.com

As seen on the chart, the hashrate managed to top 80 quintillion hashes per second on August 31st, which set an all-time high, showcasing the network’s strength. According to popular Bitcoin proponent Max Keiser, the increasing hashrate and the approaching of 90 quintillion hashes per second sets in motion the protocol’s hard-coded Game Theory, stipulating that the hash precedes the price and that it’s possible for Bitcoin to reach $28,000 based on that. 

Bullish? Bitcoin Might Be Entering Another Parabolic Phrase

It’s not just Keiser who seems to be positive on Bitcoin’s future price movement. The veteran trader and popular author Peter Brandt also expressed his views, outlining that Bitcoin might have entered its fourth parabolic phase. 

Possibility that $BTC has entered fourth parabolic phase https://t.co/q4nAgkVJff pic.twitter.com/PL2LQ4ANOY

— Peter Brandt (@PeterLBrandt) September 1, 2019

The last time Brandt called for a parabolic phase was back at the beginning of April. At the time, Bitcoin was trading at around $5,000 and it went forward to reach this year’s high of around $14,000. 

Given that Bitcoin’s fundamentals are looking better than ever, it is perhaps reasonable to assume that another leg up is in play.