Bitcoin (BTC)’s Bull Trend Might Be Intact, Says Peter Brand
These days, all crypto traders freaked out to see the crypto market crashing. But optimistic Bitcoin-related predictions keep pouring.
Peter Brand crypto analyst became much more popular in the crypto industry after he called Bitcoin’s massive fall from January 2018.
He just told his Twitter followers that at this point BTC is still performing in line with the bull run from 2015 to 2017.
BTC would have to fall below $8,997 to reverse the bullish trend
The truth is that a lot of crypto enthusiasts became really disappointed these days when they saw the bloody crypto market.
You may know that the digital assets have been trading in the red for a few days.
Brandt’s analysis of BTC’s moving average claims that the coin would have to dip below $8,997 in order to reverse the trend and confirm a bearish reversal.
Bitcoin remains above the pace of its 2015-2017 bull run (for now). The 2015-2017 trend tested its trend MA multiple times (green arrows). The current trend has yet to do so. $BTC. pic.twitter.com/0KWR1I4Ax5
— Peter Brandt (@PeterLBrandt) August 14, 2019
BTC is in its fourth parabolic move
Brandt says that Bitcoin is in its fourth parabolic phase dating back to 2010, and he believes that BTC aims 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.”
It’s also worth noting that in an interview with CNBC’s Ran NeuNer, Brandt said that he became bullish from bearish on BTC’s long-term trajectory back in May.
Then, BTC surged from about $4,200 to $6,200 in a little 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,” he said.
“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,” he continued.
Brandt says that now, we have two parabolic moves in the same market.
At the moment of writing this article, BTC is trading in the green on CMC and the most important crypto in the market is priced at $9,934.94.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.