RATE Group | Veteran Trader Who Predicted Bitcoin (BTC) Rise to $100,000 Issues Painful Update to Cry…
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Veteran Trader Who Predicted Bitcoin (BTC) Rise to $100,000 Issues Painful Update to Cry…

01 Mar Veteran Trader Who Predicted Bitcoin (BTC) Rise to $100,000 Issues Painful Update to Cry…

Posted at 00:00h in Cryptocurrency News by

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A veteran technical trader who was immortalized in the world of crypto for calling the top of Bitcoin’s last parabolic cycle is updating his views on the leading cryptocurrency.

In June of last year, Peter Brandt said BTC appeared to be at the start of a fourth parabolic phase, taking aim at $100,000.

“Bitcoin takes aim at $100,000 target. BTC/USD is experiencing its fourth parabolic phase dating back to 2010. No other market in my 45 years of trading has gone parabolic on a log chart in this manner. Bitcoin is a market like no other.”

As its price continued to rise in February, he said Bitcoin’s strong start to the year suggested an even larger moonshot could play out through 2021.

Since then, BTC has aggressively retraced from a high of $10,421 on February 12th to its current price of $8,669 at time of publishing. Amid the downturn, Brandt says he still has a positive outlook on BTC – but the significant correction shows the painful…

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