Bullish weekly close sets Bitcoin on parabolic path but there’s a catch

Bitcoin closed last week in a bullish manner with a price of $123,000, which according to analysts is the highest weekly close in the history of the coin. This means a potential surge to higher levels, but there’s a catch.

According to crypto analyst CryptoTony on 6 October, reaching new price levels will be in play if Bitcoin is able to hold the $123,000 price long enough. 

Will the price hold?

Bitcoin has shown much strength recently, pushing its price from $12,000 to $125,000 within last week. This is one of the few times the asset has been able to do this, which shows there is strong momentum.

As maintaining this level is crucial to reaching a new all-time high, whether Bitcoin will be able to hold the price is the new concern.

Interestingly, another analyst has hinted of an impending sell signal that could cause the price of the asset to correct. 

According to the analyst, the TD Sequential — which predicts the exact time of reversal — has flashed a sell signal on Bitcoin, suggesting a potential sell-off as investors take profit.

If this sell-off plays out, the journey to a new all-time high may be delayed, which means altcoins will also be delayed.

Current price movement

Bitcoin has struggled to reclaim and hold $124,000 ever since it dropped to $123,000. However, the asset has just broken above the price as the bullish momentum strengthens. 

There may be a small correction before we go much higher though, after which $150,000 could be in view.

For now, Bitcoin has started the new week on a very strong ground, and it’ll be interesting to see how the rest of the week and especially its closing plays out.