365
152 shares, 365 points

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.


Like it? Share with your friends!

365
152 shares, 365 points

What's Your Reaction?

hate hate
368
hate
confused confused
1104
confused
fail fail
736
fail
fun fun
613
fun
geeky geeky
490
geeky
love love
122
love
lol lol
245
lol
omg omg
1104
omg
win win
736
win
Michael Lewis

Emperor

0 Comments

Your email address will not be published. Required fields are marked *

Choose A Format
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Poll
Voting to make decisions or determine opinions
Story
Formatted Text with Embeds and Visuals
List
The Classic Internet Listicles
Countdown
The Classic Internet Countdowns
Open List
Submit your own item and vote up for the best submission
Ranked List
Upvote or downvote to decide the best list item
Meme
Upload your own images to make custom memes
Video
Youtube, Vimeo or Vine Embeds
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format