Bitcoin keeps maintaining its stability above $11,000 support level. It seems lingering longer than many crypto pundits expected. Its next distinct move is a speculative topic in the cryptocurrency sphere.
Bitcoin’s present price situation has prompted Peter Brandt, a trader with 45-year of trading experience, to air his conditional opinion about the direction BTC price could head.
Bitcoin has been changing hands above $11,000 support level in the market since its resurgence from the last significant price deficit, which brought BTC price from relatively $13,750 to about $9,500 support level.
Before Bitcoin retraced its steps for upward trend, some crypto analysts believed it would touch $4,000 again, before it can bounce back to maintain any parabolic price movement. However, this didn’t come to play, as it halted from plunging to make a slight surge to the top.
Bitcoin (BTC) has stayed longer than expected on its present state, and its next move could be favourable or unfavourable, but any of the eventualities could be a notable trend.
All the major digital currencies also share from Bitcoin’s price fluctuation, as it continues to stamp its sovereignty in the market.
Bullish and bearish BTC price predictions are norms in the crypto space, and analysts have consistently leaned their sentiments on their personal opinions.
Howbeit, a host of crypto investors believe that their predictions are meant to manipulate market price for their personal gains, since majority of the analysts are cryptocurrency traders and investors.
In the last four days, Bitcoin has consistently failed to stay longer above $11,500 resistance level, but hasn’t had any devastating price drop since the recently recorded history plummet. At the time of writing, BTC is trading at $11,445, with 2 percent price decrease in the last 24 hours.
Peter Brandt Says Any Violation to the Current Parabolic Phase Could End in Bitcoin (BTC) 80% Price Correction
According to Peter Brandt, a Trader of classical charting principles since 1980, Bitcoin (BTC) is in its 4th parabolic phase since its emergence. He had earlier predicted that the largest digital currency by market capitalization will hit $100,000 in the future.
Brandt shared his opinion about the price trend of Bitcoin in his recent tweet. He probably asserted, due to the failure of BTC in breaking above $12,000 resistance level, as all its previous attempts to break-out ended futile.
Pointing to the chart he captioned, Brandt stated that Bitcoin could experience 80 percent correction or a bit correction if it violates the current parabolic phase.
He said “If current parabolic phase is violated, we could expect either an 80% correction of 7-month advance or much smaller correction…”
If current parabolic phase is violated, we could expect either an 80% correction of 7-month advance or much smaller correction w/ definition of new parabola w/ shallower slope. $BTC Note formation of possible 2-wk H&S or H&S failure pic.twitter.com/6IF1bHREAv
— Peter Brandt (@PeterLBrandt) July 7, 2019