Veteran Trader Who Called Bitcoin Crash Says BTC Targeting $100,000 in Fourth Parabolic Advance
Veteran trader Peter Brandt, who became a well-known figure in the industry for calling Bitcoin’s big plunge in January of 2018, says BTC is now shooting for $100,000.
Bitcoin takes aim at $100,000 target. $btcusd is experiencing its fourth parabolic phase dating back to 2010. No other market in my 45 years of trading has gone parabolic on a log chart in this manner. Bitcoin is a market like no other. pic.twitter.com/wE4j3riMgI
— Peter Brandt (@PeterLBrandt) June 22, 2019
In a recent interview with CNBC’s Ran NeuNer, Brandt expanded on why he’s now long BTC.
“You have to look really at the long-term chart that goes back to 2011, 2012. And what you’ll see there is a magnificent thing that happened going into the 2013 high. And that was a parabolic move, and it was a parabolic move on a log scale. A parabolic move on a log scale is a magnificent thing. It may only happen once in a decade. And so we saw that parabolic advance be broken, and then we saw the market from 2013 into 2015 correction. And then it entered another parabolic move. So we have two parabolic moves in the same market. That’s just unheard of. And of course that topped in December of 2017 and we spent 2018 correcting…
The moving average that I look at, which is a weekly chart moving average, turned up here about four weeks ago. The last time that moving average turned up was in early 2015 when Bitcoin went from $350 to $19,900, depending on what exchange you’re trading. That is a quantum move, and so we have the same situation as we have seen an upturn in the long-term trend.”
Bitcoin crossed $11,000 on Saturday, reaching a high of $11,137. It is now trading at $10,961, up 11.23% in the last 24 hours at time of publishing, according to COIN360. Top altcoins are rising with the tide, with Ethereum up 7.46% at $309.65, XRP up 10.61% at $0.4863 and Litecoin up 2.94% at $141.54.
Technical analysts at large say Bitcoin’s next big test begins around $11,250 as analysts track the trajectory of alternate crypto assets.
Bitcoin
CCN – Bitcoin at risk of reversal once BTC tests $11,238 – $11,779
CryptoPotato – BTC non-stop since $7,500 area, inevitable correction will hurt
Ethereum, XRP, Litecoin
FXStreet – ETH/USD bulls are now running free
CoinCodex –XRP still range-bound between the $0.36 – $0.48 areas
Coinnounce – Litecoin resistance levels at $150, $155, and $160
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