Peter Brandt on BTC: "expect either an 80% correction," or "new parabola"

07 Jul, 2019 | Updated: 07 Jul, 2019
by Will Heasman
Bitcoin
Peter Brandt on BTC: expect either an 80% correction, or new parabola

While everyone argues over Bitcoin’s next price move, analyst peter Brandt has relayed his new theory on what’s next for BTC, stating that we can either expect an 80% correction or a new stint of parabola…  

Bitcoin has been fairly stagnant of late, struggling to surmount $12k, and generally looking a little limp in terms of momentum.

Right Now bitcoin is trading at around $11379, after a few days of relative inactivity

BTC/USD Chart provided by Tradingview

According to Peter Brandt, however, this may all be about to change... 

Taking to Twitter to share his new analysis, Brandt gave two potential outcomes for Bitcoin as long as its parabolic trend continues to weaken. First, the analyst noted that BTC could well retrace further, with an 80% correction of its 7-month run, an estimation which would see BTC well into four figures once again. The second estimation may see Bitocin incur a smaller correction, with another parabolic phase, only this time with a “shallower slope”

Brandt also noted the possible formation of an inverse head and shoulders pattern, a reversal formation which typically occurs when the market is in a process of changing from a downtrend to an uptrend. Brandt also caveats that this H&S could well fail, alluding to the aforementioned 80% correction.

Interestingly, Brandt recently noted that the recent 30% correction was more mild than compared to previous corrections during the last bull run back in 2015-2017:

If we are truly in a bull market the graph that Brandt produced in the Tweet seems to invalidate the theory of an 80% pullback.

What do you think? Is bitcoin on the brink of a correction, or a new parabolic phase? Let us know your thoughts in the comments!

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