Peter Brandt says Bitcoin’s 2019 rally could drop by as much as 80% if the leading cryptocurrency falls off its current parabolic curve.
The veteran trader, who accurately predicted the start of Bitcoin’s last bear market, outlined the scenario to fellow traders on Twitter. If Bitcoin’s advance from around $3,150 to a high of $13,785 drops by 80%, Bitcoin would fall back down to about $5,277.
If current parabolic phase is violated, we could expect either an 80% correction of 7-month advance or much smaller correction w/ definition of new parabola w/ shallower slope. $BTC Note formation of possible 2-wk H&S or H&S failure pic.twitter.com/6IF1bHREAv
— Peter Brandt (@PeterLBrandt) July 7, 2019
Right now, Bitcoin is down 3.23% at $11,220 according to COIN360, with most of the market in the red.
Ethereum is up 0.02% at $294.92, XRP is down 1.73% at $0.3935 and Litecoin is down 1.85% at $117.87.
Technical analysts at large are tracking Bitcoin’s current consolidation within an increasingly narrow $1,000 range.
Bitcoinist – Bitcoin bears and bulls fighting in a tight range
CryptoGlobe – ETH/BTC stuck at the bottom of a key support level
XRP, Litecoin, Bitcoin Cash