Peter Brandt, an old school trader believes that the current Bitcoin prices are bullish and the market has already seen the bottom. He also predicted another parabolic move in prices for the pioneer of the crypto space. At the time of writing, Bitcoin was trading at $6,349, having broken the key market resistance of $6,000 yesterday. The next resistance point is at $6,500.
The current market cap of Bitcoin stands at $110 billion, and the 24-hour trading volume stood at $17 billion. Brandt in his interview to CNBC suggested that the price charts are quite similar to the parabolic curve seen during 2013, and said that the price curve following a parabolic path is a rare occurrence. He explained,
“The highs formed by Bitcoin in 2013 was a parabolic move on a large scale. A parabolic move on a large scale is a magnificent thing and it may happen only once in a decade.”
Bandt explained that during 2013, the Bitcoin followed a parabolic path which was followed by a market correction between 2013-2015 and then the market went through another parabolic cycle which ended in 2017 with Bitcoin touching its all-time high of near $20k.
Bandt explained that two parabolic moves in the same market are a rare phenomenon which hasn’t been heard before. Bandt also claimed that towards the end of this parabolic cycle, Bitcoin prices might even touch $50k. He added,
“And then if you see the possibility of three parabolic moves, that is unheard of and it has not been seen since the German interest rates in the 1920s, so this is unprecedented.”
Bandt went on to claim that he is quite optimistic about another parabolic move looking at the market charts and it is quite a possibility. Commenting on the recent surge in prices, Bandt said that the crypto market was undergoing a FOMO run which is due to the influx of late bulls coming out of their closet. However, he also predicted that a market correction is well on the cards, where the prices might dip a bit. The market correction will be followed by another parabolic move.