Peter Brandt: Bitcoin Price Could Be Entering A New Parabolic Advance
Veteran trader, Peter Brandt, who called Bitcoin’s $20K top,” says it wouldn’t surprise him if Bitcoin price enters a new parabolic phase.
The Guy Who Wrote The Book
When the guy who wrote the book (and the sequel) on commodity trading with classical chart patterns speaks, you listen. If that’s the same guy who called the end of Bitcoin’s last parabolic advance at $20k, predicting an 80%+ decline to under $4000, you listen extra hard.
Well, pin back your ears, because Peter Brandt has something to say… or rather tweet, because… you know, nobody says anything anymore.
Bitcoin Price: It’s All In The Charts
Brandt suggests that the current chart is a rough analog of the double bottom in 2015. This bottom followed the crash from Bitcoin’s previous parabolic move, which peaked in late 2013.
With this in mind, Brandt believes that either from the December 2018 low (of $3130) or a retest of this value Bitcoin could well be entering a new parabolic phase… which would be nice.
In the comments of his tweet, someone asked if Brandt had seen the parabolic analysis of Bitcoinist’s own market analyst filbfilb. However, he replied that he preferred to keep his opinion pure.
It’s Been A Long Time Coming
The return to a parabolic advancing phase for bitcoin price has been predicted ever since the last one finished. In fact, looking back to that time gives a very interesting perspective.
Bitcoinist was referencing ‘a MarketWatch source known as Filbfilb’, described at the time by fellow-analyst, Parabolic Trav, as very accurate. No wonder we hunted him down, and now keep him safely in a box, only getting him out periodically for Bitcoin TAs.
And what was Peter Brandt saying at the time?
Violation of parabolic advance could produce 12-24 mos of chop before new advance gains traction.
13 months of (mainly downward) chop later… and according to Brandt the new advance could be starting to gain traction. I wouldn’t bet against it.
If bitcoin does indeed enter a “new parabolic advance” then the chart suggests that a price of $100,000 USD could well be in play.
Will Bitcoin price go on another parabolic run similar to the one in 2017? Share your thoughts below!
Images via Shutterstock