Peter Brandt who is a veteran trader and popular name in the Bitcoin market. Brandt accurately called Bitcoin’s surge in 2017 parabolic high says BTC is in new parabolic advance.
A news post on thedailyhodl claimed that the seasoned market trader in cryptocurrency is saying that, BTC has the potential to rise 50% from the current price. A few days before, its price was hovering at $30000 after it broke from the bullish pattern.
Peter Brandt said, from where we have been during the beginning of 2020, Bitcoin was becoming extremely popular. According to Brandt, it was was “forming a broad symmetrical triangle.”
Karl Dickey is into bitcoin, trading, and the market had this to tweet on Peter Brandt saying the third parabolic for Bitcoin.
Brandt also added that this is the break that market traders were looking for. Brandt had indeed very much predicted the break in March. But he was worried that the break may be fake.
That was not the case luckily. Bitcoin had progressed immensely throughout this year and formed a large symmetrical triangle that can be seen using the bar chart. He also added that Bitcoin broke that in the month of August.
The bar chart broke again in the month of September and since then there has been no looking back. Brandt feels that it is the measure of the height of this triangle; they can visibly see the midpoint high and a huge target.
Brandt says that Bitcoin can reach a peak of more than $45000 seamlessly. He now makes his predictions further highlighting that BTC is trading in a parabola. Brandt says that this would be the third of its kind.
Brandt has given an outlined parabolic curve where it begins to rise to $325000. He adds that it can be violated before it hits the target. Brandt further elaborates on this, that the slope in the advance says that Bitcoin can move in aggressively before getting into area of parabolic advance.
Brandt predicts an area close to $100000. He strongly claims it is the target for 2021.