Peter Brandt: Bitcoin may be going into its third parabolic move

09 May, 2019
by Richard Allen
Peter Brandt: Bitcoin may be going into its third parabolic move

Veteran trader Peter Brandt spoke to CNBC Crypto Trader host Ran NeuNer to discuss his thoughts on the Bitcoin’s future price movement.

Brandt begins by admitting he’s bullish on Bitcoin, stating he “started becoming constructive here a little earlier in the year and it set up just perfectly for me.” He adds that, after "the very, very clear bottom,” the question now is “how far does this go and exactly how does it go.”

NeuNer then asks what makes Brandt so bullish. The trader explains that when looking at the 2011 and 2012 charts, there’s a clear parabolic move going into the 2013 high. “It was a parabolic move on a log scale,” he explains. “A parabolic move on a log scale is a magnificent thing. It may only happen once in a decade.”

He goes on to say that the parabolic advance was broken before entering another parabolic move. “So we have two parabolic moves in the same market. That’s just unheard of,” Brandt explains. He adds that, following the correction that took place in 2018, “there is a chance that we are going now into the third parabolic move of modern times.”

“The idea that you look at a market and consider it to be a long term chart when it's only a decade long is pretty magnificent and then if you see the possibility of three parabolic moves in a decade’s period, that’s unheard of and that perhaps has not been seen since we saw German interest rates in the 1920s.”

Brandt concludes by saying the question on his mind is whether Bitcoin is headed into its third parabolic move. “For right now I think the evidence comes down on the side that that is a real possibility.”

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Read more about: Bitcoin (BTC)


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