Trader Peter Brandt: Bitcoin Has Broken Its Parabolic Advance Pattern
According to widely-followed veteran trader, Peter Brandt, Bitcoin (BTC) has broken out of its parabolic advance pattern.
After further tumbling down during this week, BTC at the time of writing is trading at $41,704 at time of writing, down more than 12.18% on a weekly chart.
Brandt tweeted:
“I saw the violation of the parabolic advance and commented on it in real-time to members of BitcoinLive in real-time, but in hindsight, I might not have taken the event seriously enough.
We’ll see.”
I saw the violation of the parabolic advance and commented on it in real time to members of @BitcoinLive1 in real time, but in hindsight I might not have taken the event seriously enough $BTC We'll see pic.twitter.com/6Hjvh6fe8v
Brandt is notorious for calling the start of the previous bear market, which began in early 2018, and previously shared on Twitter that parabolic advance violations usually lead to more than 80% value loss.
Should Bitcoin fall 80% from its current price level, it would end up down to $8,340 levels.
The market analyst also challenged a comment from Jeff Ross, the CEO of investment firm Vailshire Capital. Ross tweeted that long-term Bitcoin holders might have good chance to buy Bitcoin at lower prices in the coming months. Brandt responded saying that he follows a “sacred trading rule” of never adding to a losing trade.
“I remember in 1980 people saying the same thing about Silver after it topped at $50. It then sank to a low of $3.65 and did not start back up for 24 years
Not saying BTC is the same, but a sacred trading rule I have used is never add to a losing trade.”
I remember in 1980 people saying the same thing about Silver $SI_F after it topped at $50
It then sank to a low of $3.65 and did not start back up for 24 years
Not saying $BTC is the same, but a sacred trading rule I have used is never add to a losing trade
