The famous trader Peter Brandt is sure that it is too early to talk about a radical change in trend, and any bitcoin price movement above $ 4,000 is no more than a “dead cat jump”. This writes Yahoo Finance .
“I don’t think he [Bitcoin] will go anywhere, maybe $ 4,600,” the 71-year-old trader shares his thoughts.
According to him, any movement above $ 4,000 is likely to be short-term and does not mean a cardinal change of trend. Brandt is sure that the “bottom” for Bitcoin could be $ 1200. It will become relevant if deep drawdowns after short-term upward corrections result in a price below $ 3,000. It can happen at the end of the first quarter of next year.
“This is a likely scenario, because so far we have a powerful downtrend ,” said Brandt, noting that $ 1200 represents the peak value of the price in 2013. “ In bear markets, there is a tendency to retest previous highs.”
On the other hand, Brandt does not exclude the likelihood that Bitcoin will again reach the December 2017 marks in the long run. However, he notes, it is necessary to survive the possible coming collapse of the BTC price.
Note that in January 2018, Brandt predicted a collapse in prices by 80% (to the level of $ 3,933) after the “parabolic arc” .
General TA rule – violation of parabolic advance to 80% + decline in value. If general rule is followed, BTC should not retrace to <$ 4,000. Note: This is a tweet. pic.twitter.com/jDNI1osinU
– Peter Brandt (@PeterLBrandt) January 22, 2018 p.
In his tweet, he stressed that he is not a bitcoin hater.
Earlier, BlockchainJournal published a review of long-term projections of bitcoin prices, where there is also a forecast by Peter Brandt.
Follow BlockchainJournal on Twitter !
BlockchainJournal.news
