Bitcoin has sustained its bounce off of 3-month lows, blowing through $9,000 in early trading on Wednesday following news confirming that the South Korean government is not considering a ban on the highly volatile asset class.
Zooming out on the bitcoin chart indicates that the monthly candle has nearly confirmed a reversal, traditionally an indication that a relative bottom is in. According to the popular Twitter account, @parabolictrav, bitcoin tends to move in a parabolic manner following relative bottoms, pointing to an upcoming bull run through previous all-time highs.
It is Bitcoin's nature to always move parabolic (2x logarithmic) once it bottoms. It makes parabolic moves within parabolic channels. It is my opinion that this correction sets up the euphoria blow-off top (public awareness phase). The monthly now is almost fully reversed. $BTC pic.twitter.com/4q8H3MPWQD
— Parabolic Trav (@parabolictrav) February 14, 2018
It will be interesting to see if bitcoin can hold $9,000 through the weekend.