Peter Brandt, an experienced chart analyst has more often than not been right about Bitcoin [BTC] until now. He was one of the first analysts to call out a parabolic move above $3000.
Nevertheless, recently he predicted the swing trade in Bitcoin which could see a pullback $6000 level. However, the fundamentals around Bitcoin with Libra and Bakkt announcement changed the proportions enormously. According to him,
“People ask me why I trade Bitcoin BTC Ask no more! In my 45-year trading career there has never been another market like Bitcoin.”
Bitcoin has experienced four parabolic rises until now, the biggest was recorded during 2017. Before that, Bitcoin rose exponentially in 2014 and 2011. In the past decade, Bitcoin [BTC] has seen tremendous speculation, development and even criticism which has let to the volatility. However, the rise has been still consistent on a yearly basis.
Peter Brandt, predicted another big target for Bitcoin,
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.
It essentially means a 10x growth from here. The regression model of Bitcoin using On-chain volume and NVT analysis on past parabolic moves in Bitcoin suggested also suggested Bullish Bitcoin targets.
Nevertheless, this should be no reason to create FOMO, because the timeline of the target is still uncertain. Moreover, despite the positive development and belief around it as a store of value, there are still regulatory uncertainty and other scalability issues that still haven’t been completely resolved. According to Richard Heart,
Remember this, we’ve had upward parabolas like this in 2011, 2013, 2015, and 2017, and we’ve always had uncomfortable dips. Don’t be surprised.
Hence, while the optimism around Bitcoin is strong, it is expected to present buying opportunities for investors. Nevertheless, short selling of Bitcoin [BTC] at the moment would be inadvisable as it could lead to liquidations. Dovey Wan, Chinese crypto-Analyst tweeted,
Who’s shorting BTC now will be better off if just donating to charity
Nivesh from Engineering Background is a full-time Crypto Journalist at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com