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