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Bitcoin might be up for another ‘magnificent parabolic move’, says old-school trader

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Bitcoin might up for another 'magnificent parabolic move' says old-school trader
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Peter Brandt, an old-school trader, spoke to CNBC about Bitcoin’s recent rally and what the future holds for its price. Brandt said that he was fairly bullish on Bitcoin since the bottom was already in.

Bitcoin, at press time, was priced at $6,264 and the market cap was $110 billion. The 24-hour volume for BTC was $17 billion, with most of it being contributed to by BitMEX exchange via the BTC/USD derivative.

Source: TradingView

Referring to Bitcoin’s move in 2013, Brandt stated,

“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.

Additionally, Brandt said,

“And then if you see the possibility of three parabolic moves, that is unheard of and it has not been seen since the German interest rates in the 1920s, so this is unprecedented.”

Brandt further added that he was questioning whether Bitcoin was going into another parabolic move, which would be historic. However, Brandt admitted that the evidence suggested it being a “real possibility”.



Referring to Bitcoin’s present scenario, Peter Brandt said that the market was undergoing a FOMO run owing to the influx of ‘late bulls coming out of the closet’, while adding that these bulls will be shaken out in an upcoming correction wave. This correction wave will be followed by another parabolic move, Brandt said.

A YouTuber, Young Content, commented,

“We aren’t parabolic just yet. Whenever I hear that I do the opposite of what is said to me. Dump coming soon. 👌🏽”





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

Bitcoin

Bitcoin [BTC]: Don’t buy BTC at the top, buy it right now, says CNBC’s Brian Kelly

Akash Anand

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Bitcoin [BTC]: 'Don't buy BTC at the top, buy it right now', says CNBC's Brian Kellyq
Source: Pixabay

Bitcoin’s [BTC] rapid movement on the cryptocurrency charts revitalized an industry which was touted to be dead and buried in early 2019. The events over the past few weeks have not only increased the value of Bitcoin, but have also assisted in raising the collective market cap and the prices of other cryptocurrencies.

Giving more insight into this market movement was CNBC’s Brian Kelly, who touched upon the price fluctuations, as well as where the world’s largest cryptocurrency can go from here. The Bitcoin baller claimed that the 100 percent bounce back from Bitcoin’s lows was a great incentive for new investors. It also provided a reprieve for existing players in the market. Kelly claimed,

“Investors are wondering what the next market driver could be and in my opinion there are a couple of things. First of all we are starting to see the institutional players get into the field, evidenced by the entry of Fidelity and other such companies. Even the retail perspective is huge, with TD Ameritrade investing in Eris X with sources claiming that the organization will open BTC trade for customers in the  next three to six months.”

Kelly also spoke about how the market was entering a phase of a supply cut, where the supply of Bitcoin gets cut in the overall spectrum of the market. According to him, there is generally a price rally a year into the rise and a year out of it, and the combination of the supply cut and the rise in demand will be beneficial to Bitcoin’s price.



The CNBC official was also careful to inform holders and investors that while the price is holding at this point, people need to be careful since the market might be in the mood for a reversal. He warned,

“Do not buy it at the top but rather buy it now.”

At the time of writing, Bitcoin was trading at $7943.23, with a total market cap of $140.712 billion. The 24-hour market volume was holding at $24.816 billion and the BTC market was moving up by 0.45%.





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