Peter Brandt says Bitcoin is in the midst of another parabolic move

Veteran trader Peter Brandt noted that Bitcoin is in the midst of another parabolic move in the recent tweet.

Big picture $BTC
Bitcoin is undergoing its third parabolic advance in the past decade. A parabolic advance on an arithmetic scale is extremely rare – three on a log scale is historic pic.twitter.com/fyyM5Ws6N5

— Peter Brandt (@PeterLBrandt) February 16, 2021

As shown on the chart, BTC’s bull run started in late 2018 when the biggest cryptocurrency was bottoming out at around $ 3,100. Bitcoin’s price is now up 1,331% since that level.

And based on Brandt’s analysis, such forms will generate huge profits and appeal to traders. Even so, Brandt warned against getting involved in this parapol path according to his January tweet:

A cautionary message about parabolic advances:

Once a parabolic advance is obvious, it is way to late to be a buyer. The train has left the station. If you do not already own a market by the time I point out a parabolic trend, then don't buy based on my chart

— Peter Brandt (@PeterLBrandt) January 7, 2021

More than that, after this parapol movement ends, Brandt expects a possible Bitcoin price drop:

80% corrections are most common when parabolic advances are violated.