Call us a broken record, but wow, Bitcoin (BTC) has been on an absolute tear. As of the time of writing this, the asset has just tapped $7,100 for the first time in approximately eight months. Wait no, it just hit $7,250. Let’s take a look at what analysts are thinking right now.
Trader Mr. Anderson believes that Bitcoin has undoubtedly entered a parabolic trading pattern. From here, he expects for the asset to set up a base, or short-term trading range”, likely in the high $6,000s or low-$7,000s. Then after this base is established, BTC could begin yet another rapid rally, potentially moving above $8,000.