The Bitcoin market is one like no other. Never in the history of mankind, there was a product like cryptocurrencies, so it is not surprising that they test our traditional financial theories. That is why the opinions of veteran trader, Peter Brandt, are so interesting to the crypto world. While trying to predict where the price of BTC is going.
The drowned optimism of the beginning of the year
The year started big for crypto world. With all the members of the community excited about the prospect of a new Bitcoin rally. Which, remained for several weeks boosting the price of BTC, to position it around 10,000 dollars once more, and generating a similar effect on other cryptocurrencies such as Ethereum.
However, this happiness turned out to be ephemeral. Well, it has been several days since Bitcoin is in decline. Losing more than 40% of the value earned during the bullish rally. And creating important doubts about the future of the cryptocurrency market.
Especially when, as veteran trader Peter Brandt says, the Bitcoins market has gone through a bearish period of more than 26 months. What calls the caution to the traders of the cryptocurrency, and to the realization of a deeper study of the trends that can be seen in this market.
Peter Brandt and the parabolic cycle
That is why Peter Brandt’s opinion is so important. Being the only analyst able to elucidate the parabolic cycle followed by Bitcoin prices. Which led him in June last year to predict that the cryptocurrency was entering the fourth phase of this cycle, which could take its price to $ 100,000 per BTC:
“Bitcoin aims to reach $ 100,000. The BTC / USD is experiencing its fourth parabolic phase dating back to 2010. No other market in my 45 years of activity has become parabolic in a record chart like this. Bitcoin is a market like no other“. Peter Brandt commented at the time, a vision that seemed to be confirmed with the rally at the beginning of this year.
Thus, at the end of last year Brandt published through a tweet a graph that showed the possibility of a new Bitcoin bullish rally, according to the parabolic cycle of this asset. According to which, for BTC to stay in tune with the previous rallies, it had to reach $ 14,500 for this summer.
However, the latest developments in the market have generated a change of opinion in Peter Brandt, who would no longer be so sure of the rise of BTC. Who now recommends prudence to traders. As well as the ability to modify their course of action at the time they perceive that the market is varying in some way, as he did on this occasion:
“I receive a ton of criticism, sarcasm and trolling because I change my mind about the markets. Just for the trolls to know, I take my will and ability to change my mind quickly as a point of survival and pride as a trader“Brandt said.
