Despite the significant price decline that Bitcoin underwent a few days ago, the weekend was rather fruitful and the cryptocurrency has managed to gain upwards of $300 since Friday. Meanwhile, the network is looking healthier than ever as its hashrate surpassed 90 quintillion hashes per second. Amid these conditions, Peter Brandt, a veteran trader and author, thinks that Bitcoin may have entered yet another parabolic phase.
Bitcoin’s Current Conditions
Bitcoin had a rather positive weekend of trading, as the cryptocurrency’s price gained upwards of $300.
As CryptoPotato reported, the market’s relative calmness in the preceding days might have been a signal that another move is shaping up, either to the top of the descending triangle at $10,300 or toward the bottom at around $9,200. Right now, the first scenario appears more likely.
The condition of the network is also looking healthier than ever.
As seen on the chart, Bitcoin’s hashrate managed to top 80 quintillion hashes per second on August 31st, which was an all-time high, showcasing the network’s strength. According to popular Bitcoin proponent Max Keiser, the increasing hashrate and the approaching of 90 quintillion hashes per second sets in motion the protocol’s hard-coded game theory which stipulates that hash power precedes price and that it’s therefore possible for Bitcoin’s price to reach $28,000.
Bullish? Bitcoin Might Be Entering Another Parabolic Phase
It’s not just Keiser who seems optimistic about Bitcoin’s future price movement. The veteran trader and popular author Peter Brandt expressed similar views, stating that Bitcoin may have entered a fourth parabolic phase.
— Peter Brandt (@PeterLBrandt) September 1, 2019
The last time Brandt called for a parabolic phase was back at the beginning of April. At the time, Bitcoin was trading at around $5,000 before going on to reach this year’s high of around $14,000.
Given that Bitcoin’s fundamentals are looking better than ever, it is perhaps reasonable to assume that another leg up is in store.