Peter Brandt, a veteran trader who had called BTC’s 2018 price drop to below $4,000, has now come out and stated that a big Bitcoin bull-run is coming.
According to Brandt, Bitcoin just did something it hasn’t done since October 2015, when BTC began its parabolic move from $340 to $19,800.
The last time Factor's benchmark weekly MA was in the current profile of turning from down to up was in Nov 2015 just as $BTC began its move from $340 to $19,800. pic.twitter.com/uFJSkV9NwM
— Peter Brandt (@PeterLBrandt) May 2, 2019
As seen from the chart showcased in Brandt’s tweet above, once Bitcoin broke above the 18 MA (18-day moving average) on the weekly time frame, it maintained it as support and rode it all the way to the top of the 2017 bull market.
Therefore, if this veteran trader and notable author with over 3 decades of experience in the commodities sector is right, Bitcoin could potentially be beginning its next parabolic bull run.
However, for Brandt’s analysis to fully play out, Bitcoin will need to retest the 18 MA as support before confidence in the market can ensue and really take off.
He Predicted 2018 80% Price Drop
Following Bitcoin’s peak of nearly $20,000 in 2017, veteran trader Brandt tweeted – what was at the time a very unpopular opinion – that Bitcoin would experience an 80% decline in value as it entered a new bear cycle.
General TA rule — violation of parabolic advance leads to 80%+ decline in value. If general rule is followed, BTC should retrace to <$4,000. Note: This Tweet does not make me a hater. pic.twitter.com/jDNI1osinU
— Peter Brandt (@PeterLBrandt) January 22, 2018
Brandt posted this analysis on January 22, 2018, and it has since proven true seeing as Bitcoin bottomed at roughly $3,200 on December 15, which is an 84% price decrease from the all-time high of $19,800.
Currently, Bitcoin is hovering at around $5,800. If it manages to maintain its upward momentum and push even higher, there’s a strong chance Bitcoin will maintain support above the 18 MA and enter a parabolic bull run.
What do you think about Peter Brandt’s analysis? Will Bitcoin see a correction before going parabolic? Or will it just continue to rise upwards? Let us know what you think in the comment section below.
