Legendary Peter Brandt Predicts Bitcoin Rendezvous With Parabola As CME Gap Closes

Legendary trader Peter Brandt predicts BTC price parabolic rally after buying from bottom as CME Bitcoin gap closed.
By Varinder Singh
Crypto Stocks, Nvidia Rise Alongside Bitcoin Ahead Of US CPI

The crypto market saw $250 million liquidated over the last 24 hours, with $60 million Bitcoin longs liquidated from a total of $70 million. BTC price fell under key $40,000 support level as traders and experts anticipated a weak trend due to macro and technical reasons.

However, a correction in Bitcoin price has been pending since December after a rally triggered by massive buying from retail and institutional investors. CoinGape reported a CME Bitcoin gap near $39,700, which has finally filled as Bitcoin drops to a 24-hour low of $38,923.

Advertisement
Advertisement

Peter Brandt Shares Bullish Outlook

Reacting to Bitcoin price prediction to popular trader Cheds that side-liners will again take long positions under $40,000, Peter Brandt agrees the decline is most probably a wash out of weak longs.

In contrast to bearish sentiment and weak buying from bulls below $40K, Peter Brandt said “Would love to see what would happen when (if) parabola is retested.”

Image

As the major support is broken and CME Bitcoin gap is filled, buying from the dip for longs is expected. However, the parabola shared by Peter Brandt depicts a retest most likely in Feb-end or early March.

March will be a crucial month for BTC traders in terms of macro and post-Bitcoin halving sentiment. The world will keep an eye on the US Federal Reserve monetary policy decision in March for a pivot. The macro currently is against the Bitcoin bullish momentum.

The U.S. 10-year treasury yield hovers near 4.15%. The US dollar remains strong reversed back to 103.50 from 101 in early January, currently at DXY index is at 103.29. Bitcoin traders brace for key economic data this month end including US Treasury quarterly refunding announcement on January 31.

Whales have sold around 70,00 BTCs worth over $3 billion in the last two weeks, reported popular analyst Ali Martinez. Analyst Rekt Capital revealed that Bitcoin is repeating historical chart patterns over correction before a halving.

ImageIn the 4-hour chart, Bollinger bands and RSI indicate a buy the dip opportunity for BTC price. RSI dips to the oversold zone.

BTC price fell 5% in the past 24 hours, with the price currently trading at $38,964. The 24-hour low and high are $38,839 and $41,242, respectively. Furthermore, the trading volume has increased by 85% in the last 24 hours, indicating interest among traders.

Also Read:

Advertisement
Varinder Singh
Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.