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A closely-followed Bitcoin trader who nailed the timing of BTC’s collapse in January 2018 is updating his outlook on the world’s leading cryptocurrency.
Peter Brandt says Bitcoin is in the midst of a parabolic rally, posting a chart that shows BTC soaring above $48,000 as soon as January.
“Bitcoin BTC is advancing in parabolic move from Sep ’20 low.”
Brandt says a significant correction could happen and violate the curve at any point, but he doesn’t think the next retracement will mark the start of a long-term bear market.
“I expect this curve to be violated at some point, but not to produce 80% decline. Green curve is a larger parabolic advance from December 2018 and March 2020 lows. This is the driver of bull market.”
Nearly three years ago, Brandt became famous in the crypto space for highlighting that the violation of a parabolic advance often leads to a massive 80% correction.
Amid the strong demand from institutional players, Brandt names one catalyst that could trigger a Bitcoin sell-off event.
“Possibly tax selling in U.S. after Jan 1.”
When asked whether he believes an altcoin season will play out as BTC corrects, Brandt offered a straightforward response.
“Forget junk coins. Stay focused on the real thing.”
Earlier this month, Brandt predicted that Bitcoin would potentially surge to $100,000 this cycle.
“I’m fully long. In 2018, I set aside a sum of money that I said, ‘This is Bitcoin money.’ That’s fully employed. It hasn’t been fully employed since then. I scale in and scale out but I’m fully committed. There’s no sign for me that Bitcoin won’t keep going up.”
In other trending Bitcoin News today:
“Crypto Analyst Michaël van de Poppe Says Bitcoin Poised to Hit $40,000, Predicts Incoming Altcoin Boom”
Prominent crypto strategist and trader Michaël van de Poppe says Bitcoin is gearing up for a run to $40,000 as it continues to register new all-time highs.
In a new tweet, Van de Poppe tells his 91,700 followers that BTC can post gains of over 50% as it trades around $27,000.
“Bitcoin breaking upwards even more as it’s approaching my second Fibonacci point of interest around $25,800.
The higher we go, the higher the next impulse move will bring us. If $25,800 is this temporary top, next impulse could bring BTC towards $40,000+.”
The trader also points out why the current BTC bull cycle is different from the one it had three years ago.
“Bitcoin above $26,000 while the retail hype is not even close to the previous all-time high at $19,700 in 2017. Bull market.”
Although Van de Poppe is bullish on the leading cryptocurrency, he issues a warning to his followers that BTC can ignite a strong move down.
“Vertical moves often end in a swift correction (remember Summer ’19)? Those swift corrections are made for the establishment of a sideways range. Don’t get chopped out of a correction. The bull market will last for a longer period. Have a longer horizon.”
As for altcoins, Van de Poppe says that it is only a matter of time before market participants rotate their BTC profits into other digital assets. The trader highlights that altcoins are currently establishing a bottom in preparation for a big move early next year.
“I’m expecting altcoins Q1 2021. Bottoming in this period.”
The widely-followed crypto strategist is keeping a close watch on two altcoins in particular. He believes VeChain (VET) is primed to perform well against BTC and the US dollar.
“Zilliqa reached the second target zone for this impulse wave. A run of 300%+ and a very bullish outlook for this one for 2021. Points of interest: $0.035 and $0.048. The next impulse wave will most likely bring a new ATH for this one.”
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Show Notes / News Resources:
– Altseason & $30K BTC In Sight:
– $48K Bitcoin Prediction:
– $40K BTC Prediction:
– Max Keiser Bitcoin Prediction:
DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky and so is investing into Cryptocurrency. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
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