Veteran trader and analyst Peter Brandt, well-known in the cryptocurrency space for accurately predicting bitcoin’s 84% decline in 2018 after the cryptocurrency hit a then all-time high near $20,000, has revealed he believes Bitcoin’s parabolic advance is still ongoing.
Speaking to crypto analyst Scott Melker, Brandt noted that Bitcoin is still on a long-term upward trajectory, but pointed out volatility is a key feature of the cryptocurrency that isn’t going away any time soon. He said:
We’re still very much in a parabolic advance. I think the key thing is people get hung up on, a $100 up, a $100 down, a $1,000 up, $10,000 up, $10,000 down. We’re in a long-term bull trend. It’s going to take a substantial amount for me to change my opinion on that.
Brandt, as Daily Hodl reports, added bitcoin is “definitely a store of value that far exceeds what any fiat currency can offer.” His prediction, he noted, does not mean bitcoin will go up on a daily or weekly basis, but instead that it will see significant volatility while moving up over time.
The trader pointed out there there’s “tremendous” demand around the $30,000 level, which means it may hold as “whenever we go down near there, we get a bounce.” That, he said, does not mean BTC’s price won’t temporarily drop below that market.
Brandt isn’t just known for accurately calling BTC’s 2018 bear market, as the analyst has in the past made other correction predictions for the cryptocurrency’s price. In April 2019, the analyst set a $50,000 price target for the cryptocurrency “in the next two years.” That target was hit earlier this year.
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