Veteran trader says Bitcoin could enter ‘new parabolic phase’

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bitcoin parabolic

A veteran trader who predicted the 2018 Bitcoin price crash now appears to have turned bullish.

Peter Brandt, a 71-year-old expert in commodities and technical analysis, tweeted a chart showing how the Bitcoin price could quickly jump towards US$60,000.

“Either from the December 2018 low or (from) a retest of the same (low), it would not surprise me if Bitcoin enters a new parabolic phase,” Mr Brandt said.

bitcoin parabolic
The chart posted by expert trader Peter Brandt.

Like most traders who regularly post on Twitter, Mr Brandt receives a lot of scorn and criticism from the cryptocurrency community, but he has made some accurate calls in the past.

When Bitcoin-mania reached extraordinary heights during the 2017 bull-run, the charting expert tweeted a grim warning.

“General TA (techical analysis) rule — a violation of parabolic advance leads to 80%+ decline in value,” he said.

“If general rule is followed, Bitcoin should retrace to (below) $4,000.”

bitcoin parabolic
Expert trader Peter Brandt. (Source: Twitter)

At the time, Mr Brandt made it clear he was not a Bitcoin hater and that he was bullish on the long-term future of the digital currency.

It turned out that Brandt was extremely accurate with his prediction, with the price of Bitcoin eventually dropping below US$4,000.

However, last month several observers predicted that the Bitcoin bottom was in and positive price movements would soon return.

Mr Brandt appears to share this school of thought and Bitcoin believers will be hoping that he’s once again on the money.