A veteran technical trader who was immortalized in the world of crypto for calling the top of Bitcoin’s last parabolic cycle is updating his views on the leading cryptocurrency.
In June of last year, Peter Brandt said BTC appeared to be at the start of a fourth parabolic phase, taking aim at $100,000.
“Bitcoin takes aim at $100,000 target. BTC/USD 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.”
As its price continued to rise in February, he said Bitcoin’s strong start to the year suggested an even larger moonshot could play out through 2021.
Since then, BTC has aggressively retraced from a high of $10,421 on February 12th to its current price of $8,669 at time of publishing. Amid the downturn, Brandt says he still has a positive outlook on BTC – but the significant correction shows the painful truth: Bitcoin has yet to prove it’s on a parabolic path.
I am constructive on BTC, but let's look at facts
BTC has been in bear market for 26 months — not exactly a bull trend
— Peter Brandt (@PeterLBrandt) February 28, 2020
In September, Brandt posted a chart showing what it would look like if Bitcoin has, in fact, started a new rally that mirrors its previous parabolic bull runs.
According to that chart, BTC will have to rise 67% and hit around $14,500 this summer to stay in line with previous rallies.
Brandt says traders should always keep an open mind, prepare to be nimble and show a willingness to change course to make it in the markets.
“I receive a ton of criticism, sarcasm and trolling because I change my mind on markets. Just to let you trolls know, I take my willingness and ability to change my mind quickly as a point of survival and pride as a trader.”