Commodity trading veteran Peter Brandt floats a possibility that Bitcoin, the top cryptocurrency by market capitalization, has already entered its fourth parabolic phase, so it might be a high time to board a rocket ship. At the time of writing, the BTC price is sitting slightly below the $9,800 level.
Brand’s crystal ball
Neophyte traders shouldn’t ignore the word “possibility” in Brandt’s tweet given that there is nothing certain about the mercurial cryptocurrency market.
However, with the Bitcoin halving event taking place in just eight months, there is a good reason to believe that the crypto king is on the verge of another moon trip.
As reported by U.Today, Brandt predicted that BTC could go parabolic back in April after its daily chart printed a 20 percent green candle on Apr. 2. Eventually, BTC reached its current yearly high of $13,700 on June 26, which was followed by a slew of corrections.
Brandt also predicted the bubble burst that happened at the beginning of 2018 and resulted in a prolonging crypto winter.
On the same page
Financial analyst Max Keiser recently stated that the Bitcoin price could reach $28,000. His forecast, which is based on game theory, is rooted in the idea that the BTC price follows the coin’s hash rate (not vice versa).
In the meantime, John Bollinger, the creator of the Bollinger Bands indicator, recently suggested that Bitcoin would bottom out within the $9,000-$10,000 range while predicting a major price move.