Peter Brandt, a senior dealer, spoke to CNBC about Bitcoin's latest rally and what the future holds for its price. Brandt said he was quite bullish on Bitcoin since the bottom was already inside.
Bitcoin, at press time, was priced at $ 6,264 and the market host was $ 110 billion. The 24-hour BTC volume was $ 17 billion, mostly contributing to BitMEX exchange via the BTC / USD derivative.
Referring to Bitcoin's feature in 2013, Brandt
stated "The hills formed by Bitcoin in 2013 were a large-scale parabolic move. A large-scale parabolic feature is a great thing and it can just happen once in a decade. ”
Brandt explained that after this parabolic advance in 2013, the market entered a correction phase between 2013 and 2015, followed by another parabolic move that peaked in December 2017. Two parabolic features in The same market was "unheard of", he added. The prices of Bitcoin can even reach the $ 50,000 value after another parabolic move, he said.
In addition, Brandt said,
"And then if you see The possibility of three parabolic moves, it is unheard of and it has not been seen since the German interest rates in the 1920s, so this is second to none. "
Brandt further said he asked if Bitcoin entered another parabolic move, which would be historic. But Brandt admitted that the evidence suggested that it was a" real opportunity. "
Referring to Bitcoin's current scenario , Peter Brandt said the market was during a FOMO race due to the influx of "late bulls coming out of the closet", adding that these bulls will be shaken out in a coming correction wave. Another parabolic movement, Brandt said.
A YouTuber, Young Content, commented,
"We are not yet parabolic yet. When I hear I do the opposite of what is said to me. Dump coming soon. 👌🏽 "
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