Peter Brandt is a popular trader who managed to nail the timing of Bitcoin‘s collapse back in January 2018.
He’s now updating his outlook on the king coin.
Bitcoin to hit $48k in January
He said that Bitcoin is in the midst of a parabolic rally and he posted a chart that shows BTC surging above $48,000 in January.
#Bitcoin $BTC is advancing in parabolic move from Sep ’20 low. I expect this curve to be violated at some point, but not to produce 80% decline. Green curve is a larger parabolic advance from Dec 2018 & Mar 2020 lows. This is the driver of bull market. pic.twitter.com/TtxXMnib9L
— Peter Brandt (@PeterLBrandt) December 27, 2020
Brandt also said that we could see an important correction that could take place and violate the curve at any point. He doesn’t believe that the nest retracement will be the start of a long-term bear market.
“I expect this curve to be violated at some point, but not to produce 80% decline. Green curve is a larger parabolic advance from December 2018 and March 2020 lows. This is the driver of a bull market.”
The online publication the Daily Hodl mentions the fact that Brandt became famous three years ago when he said that the violation of a parabolic advance leads to a massive 80% correction.
General TA rule — violation of parabolic advance leads to 80%+ decline in value. If general rule is followed, BTC should retrace to <$4,000. Note: This Tweet does not make me a hater. pic.twitter.com/jDNI1osinU
— Peter Brandt (@PeterLBrandt) January 22, 2018
Potential sell-off catalyst explained by Brandt
Anyway, now Brandt also made sure to name one catalyst that could trigger a Bitcoin sell-off event.
“Possibly tax selling in the U.S. after Jan 1.”
At the moment of writing this article, BTC is trading in the red, and the king coin is priced at $26,619.55.
Stay tuned for more juicy price predictions.