Longtime analyst and trader Peter Brandt says that Bitcoin (BTC) has emerged from its parabolic progression. At Kriptokoin.com we are citing the analyst’s new comments…
Peter Brandt commented on Bitcoin price: I may not have taken it seriously enough
Wednesday and Thursday After taking steep price dives, BTC is trading at $41,698.72 at the time of writing, down more than 17 percent from its price a month ago. Upon this drop, analyst Peter Brandt used the following statements in a post on Twitter:
“I saw the parabolic progression break and I commented on the price in real time, but looking back I may not have taken it seriously enough. We’ll see.”
The analyst is known for correctly predicting the beginning of the previous bear market that started in early 2018. He noted on Twitter that parabolic movement breaks often lead to more than 80 percent declines. Such a drop could bring Bitcoin down to around $8,300. The veteran trader also turned down the comment of Jeff Ross, CEO of investment firm Vailshire Capital. Ross said on Twitter that long-term BTC holders may have additional opportunities to buy cheap Bitcoin in the coming months. But Brandt says BTC traders follow a “trading rule” of never adding to a losing trade:
I remember people saying the same thing in 1980 for silver peaking at $50. It then dropped to $3.65 and did not revisit those levels for 24 years. I’m not saying BTC is the same, but a trading rule I use is to never add to a losing asset.