No, Bitcoin Breaking a Parabola Won’t Force BTC to $3,000

At least for the time being, Bitcoin (BTC) has lost steam. Since peaking at just shy of $14,000 in late-June, the cryptocurrency has seen a 35% retracement, falling to as low as $9,100 earlier this week.

Related Reading: Bitcoin Volatility Surges Since February of 2019; Is Another Big Move Imminent?

With this strong correction, which comes shortly after many analysts were calling for Bitcoin to break $20,000 lickety-split, BTC has purportedly broken its parabolic trend. The trend, as depicted by many analysts, has held for over six months, making this break somewhat of a bearish sign.

In fact, as Peter Brandt, a legendary commodities trader, pointed out recently, a violation of the parabola could see BTC retrace by 80%, implying a price of $2,800 (actual 80% correction) or $5,000 (80% correction of rally), depending on how you analyze charts.

Per previous reports from NewsBTC, the Bitcoin maximalist who has famously claimed that more than 95% of altcoins are likely to fail stated:

“If…