The trading veteran Peter Brandt has recently used social media to share some news that can be very exciting for blockchain and Bitcoin fans. According to the vet trader, he would not be surprised in the case of Bitcoin entering a new parabolic phase now. Do you know that this means? It means that he believes the next bull run may be just around the corner.
Right now, Bitcoin is at $5,000 USD and the investors are eager to know whether there is something more or if the spike was just it. Some people believe that the market may start its parabolic movement, which has happened several times before because the latest barrier has been overcome.
These parabolic phases can generate very profitable bull runs, so everybody in the market is keenly looking at them in order to determine their next move this time.
Usually, this all begins when the fear of missing out (FOMO) starts and everybody wants a piece of Bitcoin while they can get a lot of money. This starts a huge speculative phase and then when the prices finally start to go up fast, the new traders do not want to miss the boat.
The end is always the same: the euphoria reaches its limits and then a huge sell-off starts. This would probably lead to the next bear market. Bitcoin generally has a very cyclical behavior, so people are pretty certain of the chances of this happening once more.
Has Bitcoin Already Reached Rock Bottom?
In December 2018, Bitcoin reached its lowest price since the bull run started: $3,100 USD. This was considered by Peter Brandt as the rock bottom of the industry.
However, some people believe that there is still space for a new low and that we are not completely protected from the volatility of the market yet. Some reports affirm that Bitcoin could really bottom at $2,500 USD, but the truth is that nobody knows for sure what will happen.