Peter Brandt, the Veteran analyst and trader with 40 years of trading experience, who accurately predicted the Bitcoin’s price dump of 2018, has stated that BTC is now in the midst of a new parabolic advance.
According to Brandt in a new video, Bitcoin has the capability to surge by 50% from its current price, after breaking out from a large bullish pattern.
The veteran trader further pointed out that Bitcoin is currently trading within a parabola, which is the third in its history. Going by the parabolic curve outlined by the trader, Bitcoin can significantly rise to $325,000. However, he said the advance can be violated before BTC hits the peak.
Peter Brandt noted:
“Right here about where I have the crosshairs was really the start of 2020, and it was really clear back then that Bitcoin was forming a broad symmetrical triangle… This big break that we had in March faked me out a little bit. It gave me a head fake but we quickly held and continued to form this large symmetrical triangle on the bar chart.
We broke out of that triangle in August, retested it in September and the rest is history. If we measure the height of this triangle and project it up from this midpoint high, we get a target in Bitcoin of around $45,000.”
“We are now in the third parabolic advance. The slope of this advance indicates that Bitcoin has a very, very long distance to go before we get even into the area where the parabolic advance might be broken. I would say probably somewhere up in the area of $100,000. So this would be my dominant theme for 2021.”
Binance.US CEO Predicts Bitcoin (BTC) Would Hit $100,000 By 2022
In a new interview with the news outlet, KLTA, Coley attributed the current rally in Bitcoin markets to the increase in the interest of institutional investors.
Catherine Coley said:
“Where maybe we thought maybe $50,000 made sense, this number is definitely going to be a little bit higher than that in my opinion. I think we’re going towards $75,000 to $100,000 for Bitcoin by the end of 2021.”
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