Peter Brandt Bearish After Bitcoin Breaks Below Parabola, Expects Further Reversal

After two full months of a parabolic uptrend, Bitcoin’s bullish momentum has started to wane, and a deep, overdue correction is expected by much of the crypto community. Following a strong rejection at $9,000, Bitcoin price has fallen below $8,000 where it’s retesting the former support turned resistance.
The break in Bitcoin price parabola back at the crypto asset’s all-time high of $20,000 resulted in an over 80% decline in value – a decline almost perfectly predicted by professional career trader Peter Brandt. In the wake of the break of Bitcoin’s most recent parabolic rise, the trader is back at it once again, calling for a 33% decline in the Bitcoin price that could take the asset to the $5,000 region.

No, China Isn’t Banning Bitcoin Mining: Chinese Crypto Insider
Wednesday November 06, 2019

Earlier this year, reports arose that China — once one of the cryptocurrency capitals of the world — was looking to ban Bitcoin mining. As reported by NewsBTC at the time, the SCMP reported...

The post No, China Isn’t Banning Bitcoin Mining: Chinese Crypto Insider appeared first on 12bitplay - Bitcoin Play.

Peter Brandt Targets $2K Bitcoin Price Target After Recent Rally “Doji Top”
At the start of April, Bitcoin left behind its range below $4,200 and never looked back, breaking through major resistance level after major resistance level with relative ease. The powerful bullish rally took the price of Bitcoin to a local high of $9,000 before a violent rejection sent the price plummeting $1,000 in a matter of minutes.
Price recovered, but was unable to re-enter a triangle chart formation, essentially confirming that the rally was indeed over.
Related Reading | Bitcoin Price Targets at Bottom Show That Crypto Markets Are Unpredictable
Another indicator the rally had ended, according to professional career trader Peter Brandt, is a “Doji top” on Bitcoin’s weekly chart. Doji candles at the top or bottom of a trend signals exhaustion of the said trend, and could indicate that a reversal is near.
Further evidence painted on the chart can be seen in increasingly smaller green candles leading up to the Doji. This week’s candle is already well in the red, and after four consecutive monthly green candle closes, the probability that Bitcoin closes the month of June in the red is high.

Bitcoin (BTC) Price Turned Sell On Rallies Towards $9K
Tuesday November 12, 2019

Bitcoin price is trading in a bearish zone below the $8,880 and $9,000 resistances against the US Dollar. The price is struggling to recover and it is likely to face sellers towards $9,000. Yesterday’s...

The post Bitcoin (BTC) Price Turned Sell On Rallies Towards $9K appeared first on 12bitplay - Bitcoin Play.

Doji top on weekly chart begins correction. $BTC
— Peter Brandt (@PeterLBrandt) June 4, 2019

OneCoin Lawyer Stands Trial for Role in Multi-Billion Dollar Crypto Scam
Tuesday November 05, 2019

A lawyer who is believed to have laundered money associated with the OneCoin crypto scam is currently standing trial in New York. Mark Scott allegedly used offshore investment vehicles to take as much as...

The post OneCoin Lawyer Stands Trial for Role in Multi-Billion Dollar Crypto Scam appeared first on 12bitplay - Bitcoin Play.

In Brandt’s analysis that the “correction” beginning with the Doji top on the weekly chart, his chart appears to highlight a price target – depicted by the parabolic uptrend support seen in red, which states that BTC could fall all the way to $5,000. 
Such a target would suggest that a nearly 33% decline in value from here is next for Bitcoin holders who just recently shed their disbelief and moved into the hope phase that a new bull run may be beginning.
A drop of 33% to new Bitcoin’s cycle low would be a devastating blow to the entire crypto market, and potentially have long-term negative implications as most long-term moving averages would see a death cross once again.
Coming out of a bear market with such bullish momentum, it’s difficult to consider that Bitcoin price may fall back down to new lows, but Peter Brandt in the past has called the price targets of parabolic breaks with chilling accuracy.
Related Reading | Peter Brandt Calls For 80%+ Bitcoin Price Decline Over A Year Ago With Chilling Accuracy
Should the career trader be correct once again, there’s a lot more pain to come for Bitcoin investors. It’s also worth noting, though, that Brandt recently tweeted that Bitcoin had “stabilized” and was “dipping” his “toes” back into the water with a position in Bitcoin – an asset he’s repeatedly claimed to be bullish on long-term.
Take from his flip-flopping stance what you will, but there’s no denying the next days in Bitcoin are critical and will have a major impact on where the asset trends next.
Featured image from Shutterstock
The post Peter Brandt Bearish After Bitcoin Breaks Below Parabola, Expects Further Reversal appeared first on NewsBTC.

You may also like...