Crypto Bear Market Shot Caller Peter Brandt Shares Perspective On Bitcoin Blow-Off Of Lift-Off Next
Is Bitcoin Surge A Blow-Off Of Lift-Off? – Peter Brandt
The recent Bitcoin rally has been the topic of most crypto conversations as the coin surged by about $1,000 over a period of 48 hours. After it surged up to trade over $7,400, there were fluctuating pullbacks before it came back down to just a little over $7,000. However, since it began, many people are talking about whether or not the price increase is one that will be sustained. One of such people is Peter Brandt.
Brandt, who is a popular crypto enthusiast and veteran trader, posted a tweet showing a graph of the coin’s activity and letting people decide whether the recent event is a “blow-off or lift-off”. Brandt, in a recent interview, has also revealed very optimistic opinions about the coin, saying that he thinks Bitcoin will continue to be bullish.
Speaking on the market, Brandt opined that:
“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.”
Bitcoin May Hit $50,000
Speaking further, Brandt did explain that there was a period of correction that lasted from 2013 to 2015 after the parabolic shoot. Two years after that, in December 2017, another parabolic move saw its peak which was when Bitcoin hit its all-time high of almost $20,000. He said before then, it was very unusual for a market to experience more than one parabolic move but since it’s happened before, another such move could even shoot prices as high as $50,000. Brandt also suggests that the recent rally could just be the beginning of another unexpected move.
Peter Brandt Corroborated
According to Mr. Anderson who is another popular trader, another parabolic move is very possible but a lot of care has to be taken as these moves are quite “tricky” because there is a very good chance of a pullback. He said:
“$BTC Are we parabolic? A parabolic blow-off top has been my primary view for some time now. Parabolic curves are tricky. So, be careful because she will have a deep retrace. $BTC has already done a marvelous job, but, the higher the stretch, the better for Bulls.”
He also advised caution and asked that everyone “tread carefully w/ a plan that protects your $ first.”