Peter Brandt, an old-school trader, spoke to CNBC about bitcoin’s recent rally and what the future holds for its price. Brandt said that he was fairly bullish on bitcoin since the bottom was already in.
bitcoin, at press time, was priced at $6,264 and the market cap was $110 billion. The 24-hour volume for BTC was $17 billion, with most of it being contributed to by BitMEX exchange via the BTC/USD derivative.
Source: TradingView
Referring to bitcoin’s move in 2013, Brandt stated,
“The highs formed by bitcoin in 2013 was a parabolic move on a large scale. A parabolic move on a large scale is a magnificent thing and it may happen only once in a decade.”
Brandt explained that after this parabolic advance of 2013, the market went into a correction phase between 2013 and 2015, which was followed by another parabolic move which peaked in December 2017. Two parabolic moves in the same market were “unheard of”, he added. The prices of bitcoin may even reach the $50,000-mark after another parabolic move, he claimed.
Additionally, Brandt said,
“And then if you see the possibility of three parabolic moves, that is unheard of and it has not been seen since the German interest rates in the 1920s, so this is unprecedented.”
Brandt further added that he was questioning whether bitcoin was going into another parabolic move, which would be historic. However, Brandt admitted that the evidence suggested it being a “real possibility”.
Referring to bitcoin’s present scenario, Peter Brandt said that the market was undergoing a FOMO run owing to the influx of ‘late bulls coming out of the closet’, while adding that these bulls will be shaken out in an upcoming correction wave. This correction wave will be followed by another parabolic move, Brandt said.
A YouTuber, Young Content, commented,
“We aren’t parabolic just yet. Whenever I hear that I do the opposite of what is said to me. Dump coming soon.
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Published at Fri, 10 May 2019 20:51:11 +0000
