By Solomon Odunayo
Bitcoin (BTC), the largest cryptocurrency by market capitalization, has been experiencing huge price retracement over the past few months since it last recorded its yearly high of latively $13,800 in June 2019. Bullish predictions of many crypto analysts seem to have faltered, and this has fuelled a widespread FUD within the crypto community.
In this situation, there is need for an in-house crypto maximalist with the historical knowledge of the price trend of Bitcoin to enlighten the newcomers in the cryptocurrency ecosystem.
This could have prompted the popular Co-founder of Adamant Capital, Tuur Demeester, to share optimistically that the parabolic price movement which Bitcoin embacked upon in 2015 is still intact.
Bitcoin Parabolic Movement of 2015 Still in Play
Tuur Demeesters, the Co-founder at Adamant Capital has been one of the influencers and supporters of Bitcoin, the first digital currency, over the years.
He recently displayed his usual solidarity towards promoting the course of BTC as the digital token struggles to impress presently in the market.
In the tweet shared with his over 200 thousand followers, he noted that Bitcoin enbarked on a price uptrend in January 2015, assuring that the parabolic movement started then by BTC still remains intact despite the obvious bearish display of the digital currency lately.
Captioning a chart that clarifies the price parabolic movement, he said, “Bitcoin’s parabolic uptrend which started in January 2015 is still intact. Now nearly touching support again, for the first time since March 2019. #buythedip.”
https://twitter.com/TuurDemeester/status/1197934885287211008
Bitcoin Approaching Maturity Phase
In another tweet, Tuur Demeester pointed at the possible cause of the price downtrend of BTC at the moment.
He noted that Bitcoin is starting to approach maturity or saturation phase. This he said caused the unimpressive price trend of BTC, altering the parabolic trendlines in the process. Conclusively, he opined that this does not imply that Bitcoin is totally out of bull market.
He said, “It’s important to note that, as Bitcoin slowly approaches maturity/saturation, its price uptrend will gradually slow down, which causes parabolic trendlines to fail. In other words, a violation of the trendline above won’t be proof that the secular bull market in bitcoin is dead”.
Bitcoin (BTC) in the Market
The determined bears are actually beating the bulls behind the consistency of Bitcoin (BTC) in terms of price growth.
A few hours ago, Bitcoin price dropped below $7,000 support level before experiencing a slight price resurgence few minutes later to settle above $7,000 once again.
At the time of filing this report, BTC is trading at $7,269.99, with about 5% price downtrend in the last 24 hours. Virtually all other top cryptocurrencies have lost a huge part of their prices over the past hours.