KEY POINTS

  • BTC could surge to 1,000 percent if it breaks a trendline drawn on a log chart
  • Getting in on the Bitcoin trend is still early at this point according to a popular trader on Twitter
  • Bitcoin could reach $100,000 if the trendline breaks

So far, those who predicted Bitcoin (BTC) to get worse before it gets better prior to the halving on May are dead wrong -- at least in the first two weeks of the year. The worst price that BTC fell to was a notch above $6,400 on Dec. 18, and that's off the mark for those that estimated the price to drop to $5,000 or $4,000 before a rally takes place.

Still, no hodler can complain about the flagship crypto's performance as of late since BTC recorded a new high on Wednesday that's close to $9,000. Even those with altcoins in their wallets are jumping for joy because BTC's upward momentum translated bullishness to the rest of the crypto market. 

Bitcoin (BTC) heading close to $9,000. Bitcoin (BTC) heading close to $9,000. Photo: TradingView

But on second thought, there might be those who languish on the missed opportunity of buying Bitcoin at a much lower price. Still, there's no room for FOMO because, according to one trader, this is just the beginning of a 1,000 percent surge.

A popular trader with close to 60k followers on Twitter who goes by galaxyBTC posted a logarithmic chart that shows if BTC could break past a trendline, it could go parabolic and hit a $100,000 value. 

Galaxy tweeted, "Breaking the green line will be what triggers the next parabolic movement that will take us to $100K minimum. Save this picture. You are not late. You are early."

Galaxy has been preaching that BTC will hit six figures since February last year in tweeting, "$100K / $BTC. We all know it's going to happen sooner or later. You can watch it from the sidelines, or long the biggest upcoming bull-run of our lifetime. When it gains momentum, be ready."

This analysis, however, didn't sit well with everyone else in the crypto space. Twitter user Artificial Intelligence Currencies replied to Galaxy saying that this is just another attempt of whales in "fleecing newer people." To Artificial Intelligence Currencies, the log chart was already invalidated by the drop in November 2018, and whales are hamming up the popular crypto to prep for a massive dump.

Throughout its history, BTC is no stranger to a parabolic movement that goes beyond the scope of standard technical analysis, but at its current price of $8,635, is a move to $100,000 BTC possible? That's to be determined, but one thing's for sure it needs to go beyond $9,000 before traders start seeing higher prices, and no technical analysis is needed to figure that out.