Bitcoin saw a correction today, but this is not something unexpected, as experts and analysts have been waiting for this for quite a while.
At the moment of writing this article, BTC is trading in the red, and the coin is priced at $30,386.39.
BTC is down by more than 12% in the past 24 hours.
New prediction about BTC’s parabolic move pops up
It’s been just revealed that the veteran trader who became popular in the crypto space for accurately calling Bitcoin’s descent from its 2017 parabolic highs says BTC is now in the midst of a new parabolic advance.
In a new video, Peter Brandt highlights that BTC has the potential to rise 50% after it broke out from a large bullish pattern.
“Right here about where I have the crosshairs were really the start of 2020, and it was really clear back then that Bitcoin was forming a broad symmetrical triangle… This big break that we had in March faked me out a little bit. It gave me a head fake, but we quickly held and continued to form this large symmetrical triangle on the bar chart,” Brandt said.
He continued and said: “We broke out of that triangle in August, retested it in September and the rest is history. If we measure the height of this triangle and project it up from this midpoint high, we get a target in Bitcoin of around $45,000.”
He also said that BTC is now trading within a parabola and this is the third one in its history. Based on his predictions, BTC can hit $325k.
“We are now in the third parabolic advance. The slope of this advance indicates that Bitcoin has a very, very long distance to go before we get even into the area where the parabolic advance might be broken. I would say probably somewhere up in the area of $100,000. So this would be my dominant theme for 2021.”
Stay tuned for more predictions.