Crypto analyst Peter Brandt, who is well-known in the industry for calling Bitcoin’s big plunge in January of 2018, tells his 299,000 followers on Twitter that at this point BTC is still performing in line with its bull run from 2015 to 2017.
According to his analysis of BTC’s moving average, the leading cryptocurrency would have to dip below $8,997 to reverse the overall trend and confirm a bearish reversal.
Brandt says Bitcoin is in its fourth parabolic phase dating back to 2010, taking aim at a $100,000 target.
“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.”
In an interview with CNBC’s Ran NeuNer, Brandt said he shifted from bearish to bullish on BTC’s long-term trajectory in early May, when the leading crypto surged from around $4,200 to $6200 in just over a month.
“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 [enter into a] 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 [in early April]. 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.”
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