Veteran Trader: “Bitcoin is a Market Like No Other”, Aims at $100k Target on its Fourth Parabolic Phase
- Bitcoin smashes past $10,000, going as high as $10,900, a 19-month high
- Gold, tech stocks & Dow Jones pales in comparison to Bitcoin
The leading cryptocurrency is on a monster rally shooting past one barrier after another, without stopping. The first rally started in early April that continued in May taking us to $9,000 level. Now, we are on yet another rally in June that have us smashing $11,000 to going a high of $11,201, just inches away from $11,500 target.
At the time of writing, BTC/USD has been trading at $10,832 with 24 hours gains of 10.19 percent. The trading volume also shot up to $2.35 billion per Messari’s Real 10, 24 hour volume and $24.8 billion on Coinmarketcap.
This move is made by a strong volume that has been seen as the FOMO level. Now, the only way is to go is upwards.
Veteran trader, Peter Brandt while talking about the current move says, Bitcoin is now experiencing its fourth parabolic phase that dates back to 2010.
In the history of Bitcoin parabolic advances, Brandt shares how in during July 2010 to January 2011, we experienced a 433 fold return and then between October 2011 to November 2013, Bitcoin surged 571 fold. During the last bull cycle from January 2015 to December 2017, we went up by 119x.
If we take a look at the broader time span from October 2011 to December 2017, Bitcoin has risen 9,765 fold.
The traditional markets pale in comparison to this surge. In over a century, the Dow Jones Industrial Average only see a return of 873 fold while popular tech stocks like Apple, Amazon, and Netflix saw an increase of about 1,500x from their lowest to their peak.
Even during its 100 years the yellow metal only rose 93 fold, from $20.67 lowest point in 1919 to highest at $1920 in 2011, which is nowhere near Bitcoin’s percentage returns.