Peter Brandt: Bitcoin can still go ‘Parabolic’

05 Apr, 2019 | Updated: 05 Apr, 2019
by Joeri Cant
Bitcoin
Peter Brandt: Bitcoin can still go ‘Parabolic’

The experienced commodities trader and technician, Peter Brandt recently took to Twitter where he shared that he wouldn't be surprised if Bitcoin enters a new parabolic phase.

The 71-year-old veteran trader, became best known as being one of the first who accurately predicted the end of the bull run in December 2017.

When the 2017 bull run was at its all-time-high Peter Brandt tweeted this to his almost 250K twitter followers:

'General TA rule — a violation of parabolic advance leads to 80%+ decline in value. If general rule is followed, BTC should retrace to <$4,000. Note: This Tweet does not make me a hater'

'I’ve seen that sort of thing take place so many times in the past and they always end the same, prices always fall 80% to 90%', he said.

Brandt turned out to be spot on with his predictions, both at the end of January 2017 and pretty much ever since.

Read more: What can you buy with Bitcoin?: 2010 vs 2023

Now Mr Brandt said that Bitcoin could be on the verge of a parabolic phase, much like the one BTC experienced leading up to the historic 2017 crypto boom.

It seems that the recent crypto uptick is turning Brandt bullish again.

In December 2018, the crypto trader expected another huge Bitcoin drop, which would stabilize at around the 1200 price range, undoubtedly testing the resolve of even the most committed of crypto fans.

'Crypto won’t have any friends at that point. Even the crypto die-hards might start to think they are done with it', he said.

Sometimes, it is good to be wrong, no need to be ashamed.

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Read more about: Bitcoin (BTC)

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