2020 has so far been a great year for Bitcoin and a couple of major altcoins. A combination of bullish technical indicators and fundamental factors have helped to push the BTC price to as high as $8,400 over the past few days.

This momentum showed some signs of slowing down yesterday. However, the bulls have since been able to overcome the bears and hold the price in the lower-$8,000 region. This area was previously marked a strong resistance region for BTC.

A prominent analyst is now noting that Bitcoin is flashing an incredibly bullish pattern that has historically preceded multiple parabolic rallies. This means that the coming year could be great for the BTC market.

At press time, BTC is trading up over 2% at its current price of $8,075. This marks a significant rise from daily lows of $7,700 that were set overnight when bulls attempted to spark a sharp selloff.

$7,700 is a key support region for BTC because this is where it found notable resistance in late-December each time there is an attempted rally. It is also where the crypto’s EMA8 currently exists, a key technical trend line bulls need to defend.

If the bulls want to see the BTC price surge to the coveted five figure region in the near-term, it is imperative that they push the crypto above $8,500.

$BTC



Went to sleep comfy af in the green on a short and woke up stopped out.



Beautiful. 😂 — Loma (@LomahCrypto) January 10, 2020

A prominent crypto analyst Murad Mahmudov explained in a recent tweet thread that Bitcoin’s recent lows within the $6,000 region were right around its MA200. Strong defenses of this level have historically been followed by notable parabolic rallies.

While looking at different time frames, other patterns emerge that further support the above notion. This shows that bull’s defense of this level does signal that BTC could be in the early stages of its next major parabolic rally.

As it stands now, it cannot be concluded as to whether its next parabolic cycle will mimic previous ones. However, it is essential that buyers continue defending the MA200 in order for this strong possibility to be validated.

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