Bitcoin’s surge has caught everyone’s eye as the rally has not stopped and is reaching new heights every day. Peter Brandt, an old-school trader, posted a tweet speculating whether the rally was an actual “lift-off” or just a “blow-off”.
Peter Brandt tweeted:
In a recent interview with Ran NueNer, Brandt said:
“The highs formed by Bitcoin in 2013 was a parabolic move on a large scale. A parabolic move on a large scale is a magnificent thing and it may happen only once in a decade.”
Brandt explained that after this parabolic advance of 2013, the market went into a correction phase between 2013 and 2015, which was followed by another parabolic move which peaked in December 2017. Two parabolic moves in the same market were “unheard of”, he added. The prices of Bitcoin may even reach the $50,000-mark after another parabolic move, he claimed.
Brandt did predict that another parabolic move in Bitcoin would be magnificent and the current rally, which has just begun, seems magnificent enough, as it has left everybody dumbstruck, especially the short sellers.
Mr. Anderson, a well-known trader shared a similar “parabolic” idea for Bitcoin’s recent surge:
“$BTC Are we Parabolic? A Parabolic Blow-off top has been my primary view for some time now. Parabolic curves are tricky. So, be careful because she will have a deep retrace. $BTC has already done a marvelous job, but, the higher the stretch, the better for Bulls”
He also added:
“$BTC Parabolic Comparable. This is likely the best example for comparison. Remember, these are tricky b/c the locations for bases are more apparent in hindsight. Moreover, we have already leaped $3900 & $3600 on this leg alone. Tread carefully w/ a plan that protects your $ first”
A Twitter user @cryptoWhale10, commented:
“I highly doubt we will see the December lows again Peter…meaning we when parabolic from your former tweet ..”