The masses are bearish on Bitcoin. The market is convinced that prices below $30,000 will be revisited given the continued weakness in the top cryptocurrency by market cap. All eyes are on the massive “bear flag,” but could it instead be a bear trap? Bitcoin price continues to grind along a decade long parabolic trend line that in the past has put in several mid- to long-term bottoms. Here is a closer look at a currently unbroken trend line that BTCUSD must hold for continued parabolic momentum and what it could mean if we get a bounce from here. Unbroken Decade-Long Parabolic Bull Trend Readies Base 4 If you ask around, most people will explain with certainty the several reasons they have for why Bitcoin is destined for sub-$30,000. Meanwhile, the price per BTC is grinding along a parabolic support line that over the last decade has proven to put in bottom after bottom. Related Reading | Bitcoin Bear Market Comparison Says It Is Almost Time For Bull Season The cryptocurrency became a household name in late 2017 due to its parabolic rally that eventually broke down and took the price per cryptocurrency back to $3,200. The retest of that level on Black Thursday only added to the base-building in the chart below. Attention, base 4. Are we cleared for liftoff? | Source: BTCUSD on TradingView.com Comparing the curved, decade-long trend line with the parabolic curve pattern pictured above, there is a chance ba...
