#Bitcoin 
We May See a Parabolic Rise in Bitcoin After Breaching 124K, Why?

What do movements above 350SMAx2 tell us?

When we examine the Bitcoin Pi Cycle Top indicator, we see that parabolic rises are experienced after the price settles above the 350SMAx2 level due to a huge FOMO effect. 

It is useful to take a look at the past to better understand the situation.

1⃣ May 2017

Bitcoin first priced above the 350SMAx2 when it was at around $1,800. Then, in December 2017, it rose to $19,607. 

This is an increase of about 988%.

2⃣Aralık 2020

Bitcoin settled above the 350SMAx2 at around $20,000. 

This move led to a rise of nearly 216%, reaching $63,231 in April 2021. Bitcoin's closes above the 350SMAx2 level could have a profound impact on investor psychology and start a new bullish cycle. 

Let's take another look at the 2017 and 2021 rallies. Bitcoin's parabolic rise in 2021 was reduced by around 78% following adaptation and increased market capitalization. Considering that the adaptation has been much tighter, it might be healthier to predict that the parabolic rise this time (after 350DMAx2) will be around 45 - 50%.

In this case, if we take the current DMA350x2 as a reference, this suggests that Bitcoin could rise to around 180K to 186K. Of course, it may be too optimistic to think that history will repeat itself, but there is clearly a rhythm!
#Bitcoin