Bitcoin (BTC) retreated to an area below $ 5,300 after an unsuccessful attempt to break the $ 5,350 barrier in the first Asian hours. The largest digital asset with a market value of $ 83 billion over the past 24 hours has added more than 3.5%, and over the past seven days – more than 28%.
Well-known trader Peter Brandt believes that Bitcoin follows the same models as in 2015, and this could lead to a 100-fold increase.
Either from the December 18 low, or from repeated testing of the same level (near the analog bottom in 2015), it would not surprise me if $ BTC enters a new parabolic phase.
A few years ago, the so-called parabolic arc pattern was created after a double bottom pattern. The expert believes that the same thing is happening now.
BTC technical picture
On intraday charts, the BTC / USD pair is maintained at $ 5,100 (SMA50, 1 hour). This barrier is followed by an important psychological level of $ 5,000 with a SMA100 (1 hour). Meanwhile, critical support is created by the upward short-term trend line currently at $ 4,970.
On the other hand, recovery may be limited to $ 5,300 and $ 5,348 (double the maximum of April 3 and April 8).
And what do you think about this? Agree with the trader's forecast?
