Respected Crypto Trader Peter Brandt: “Latest BTC Correlation Will Spawn New Parabola”

  • As per a number of fresh new technical indicators, a strong correlation is looking to break BTCs current parabolic ascent.
  • Many crypto experts are of the opinion that once this latest pullback dissipates, the price of BTC will once again continue on its upward financial ascent.

Bitcoin’s price is $10,650.18 BTC/USD exchange rate today. The real-time BTC market cap of $196.92 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $39.76 Billion and live coin value change of BTC -0.47 in the last 24 hours.

Live Bitcoin (BTC) Price:

1 BTC/USD =$10,650.1791 change ~ -0.47%

Coin Market Cap

$196.92 Billion

24 Hour Volume

$39.76 Billion

24 Hour VWAP

$10.74 K

24 Hour Change

$-50.0850

As many of our regular readers are probably already aware of, Bitcoin took a bit of a beating yesterday — with the flagship asset tumbling to around the $7,500 mark (over the course of the past 24 hours).

In the wake of these developments, a number of analysts and crypto specialists are now beginning to say that Bitcoin price’s current rally might have been slightly compromised.

A Closer Look at the Matter

Owing to the mass liquidation that took place on BitMEX yesterday, the global crypto community is now worried about the future of the industry at large.

In regards to the matter, veteran altcoin trader and Bitcoin proponent Peter Brandt recently issued a tweet wherein he claimed that BTC's recent parabolic formation might break down in the coming few days and slowly transform into “a lower sloped parabolic advance”.

With that being said, it should also be pointed out that during the recently concluded Consensys conference, Brandt exclaimed boldly that Bitcoin was all set to scale up to a price point of $50,000 within the coming 12-16 months.

He then went on to add:

“I look at Bitcoin and I say there’s a 50% chance it goes to zero. It becomes worthless, that the whole narrative is a big scam. But there’s a 50% chance we could go parabolic again and if we go parabolic again, we could go up to $200,000 – $300,000.”

Other Information Worth Bearing in Mind

  • Recently, Brandt claimed that Bitcoin’s ongoing price action resembled the currency’s double-bottom chart formation from back in 2015.
  • Peter as well as many other analysts are of the opinion that Bitcoin will face a bit more pullback in the coming few days — following which it will once again begin its upward financial movement.

Final Take

In closing out this piece, it appears as though Brandt is quite “optimistic about Bitcoin’s upcoming price action”. And even though he thinks that the premier asset might drop by $2K-$4K in the coming few days, it’s long term future looks quite promising.

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AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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