Analyst: Bitcoin about to hit parabolic trigger

2024-01-08 08:29:28

Crypto Capital Venture, a YouTube analyst with 351,000 subscribers, reports that what is currently happening with the spot Bitcoin ETF is a historic moment for the asset’s price.

According to the Jan. 7 video, the analyst shares that if Bitcoin (BTC) closes a candle above $47,000 before the halving in April, it might be on an early parabolic bull move, unlike anything the market has seen before, despite Bitcoin having reached these levels before.

The spot Bitcoin ETF is a massive move for all crypto in the long-term shares the analyst. He calls out a speculative post from Alessandro Ottaviani, an X contributor who boasts education from the Austrian School of Economics, stating that from the 11 issuers, there will be $12 to $15 billion of inflow. He contrasts that a separate post stated that even a $3.5 billion inflow would lead to $61,000 BTC. Theoretically, $12 to $15 billion in inflow would push the price of Bitcoin even higher.

Before the previous Bitcoin halving, Crypto Capital Venture points to the 618 Fibonacci line, showing that the price has never gone above it before a halving, and right now, the line is only 8% to 9% away.

He relates in this context, $47,000 is a low bar to hit, given the asset’s current price of $45,000.

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