Bitcoin is still in "parabolic advance", says a trader who predicted a 2018 drop

Charlie Taylor

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 an all-time record close to $20,000, revealed that he believes the BTC's parabolic advance it's still underway. Speaking with cryptocurrency analyst Scott Melker, Brandt noted that Bitcoin is still on a long-term upward trajectory, but pointed out that volatility is a key feature of cryptocurrency that won't disappear anytime soon. He elaborated:

“We are still on a very parabolic advance. I think the main [reason] is that people get stuck, $100 up, $100 down, $1,000 up, $10,000 up and $10,000 down. We are in a long-term uptrend. It will take a substantial amount of money for me to change my mind about this.”

Brandt, as the Daily Hodl reports, added that bitcoin is "definitely a store of value that far exceeds what any fiat currency can offer." His forecast, he said, does not mean that bitcoin will rise daily or weekly, but rather it will see significant volatility as it rises over time. The trader pointed out that there is “tremendous” demand around the US$ level. 30,000, which means you can keep like "whenever we fall close to this, we get a jump." If the dollar remains stable, this level is around R$ 155 thousand in Brazil. According to him, however, it is possible that the price of the BTC will temporarily fall below this region of 30 thousand dollars. Brandt is not only known for predicting the BTC bear market in 2018, as the analyst has in the past made other successful predictions for the cryptocurrency price. That goal was reached earlier this year. In late 2020, he was more specific and set a target at $42,000 for February 2022, which was also successfully achieved.Read more:

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