Bitcoin has gone parabolic, expect massive price actions says legend trader Peter Brandt
When it comes to the price of digital assets, most “so-called” price predictions and technical analysis are just speculations. For instance, no one predicted the massive demand from institutional investors. However, it is happening. In 2018, Peter Brandt became famous for correctly predicting the collapse of Bitcoin in January 2018. He stated that the digital asset was violating a parabolic advance and could correct by 80%.
The crypto legend is back to say that Bitcoin has gone parabolic again. But this time, the signs are pointing to a price of over $48,000 by January.
#Bitcoin $BTC is advancing in parabolic move from Sep '20 low. I expect this curve to be violated at some point, but not to produce 80% decline. Green curve is a larger parabolic advance from Dec 2018 & Mar 2020 lows. This is the driver of bull market. pic.twitter.com/TtxXMnib9L
— Peter Brandt (@PeterLBrandt) December 27, 2020
Whilst Brandt believes that a correction could happen at any time and violate the curve, he doesn’t see a long-term bear market.
When asked about where the correction would come from since institutional players are actively buying Bitcoin, Brandt said that a possible “tax selling in [the] U.S. after Jan 1” could be a trigger. He was also quick to label altcoins as “junk coins.”