Peter Brandt: Bitcoin enters its “fourth parabolic phase,” taking aim at $100,000

Peter Brandt, a renowned technical analyst, asserted that Bitcoin is experiencing its “fourth parabolic phase” after it burst through the $10,000 barrier. Now, Brandt says Bitcoin is taking aim at $100,000.

Yesterday, Bitcoin burst through the $10,000 resistance level and has been trading in a range between $10,3000–$11,200 over the last 24-hours.

Bitcoin USD on TradingView
Price action in the last 24-hours: BTC/USD chart on TradingView

Now that Bitcoin surpassed the $10,000 psychological resistance level, Peter Brandt asserts that $100,000 is up next for the coin.

According to Brandt, in his 45 years of trading no other market has “gone parabolic” on a log chart. In other words, Brandt has never seen an asset appreciate as quickly and at the same magnitude as BTC has.

Bitcoin Parabolic Advance
Source: Peter Brandt

Brandt provides a second table for context, comparing the returns of BTC against parabolic moves from other assets—including Apple, Amazon, and Netflix, as well as two benchmarks.

In the chart below, companies are marked beginning at the IPO date, while Bitcoin is adjusted two years after its inception to account for low volume and inaccessibility prior to the advent of major exchanges.

For reference, Mt. Gox launched crypto trading in July of 2010, and prior to that, the most reliable way to accumulate large amounts of BTC was to mine it.

Asset Since Years Low High Advance
Bitcoin Oct. 2011 7 $2.00 $19,531 9766-fold
Netflix 2002 17 $0.35 $423 1209-fold
Amazon 1997 22 $1.31 $2,050 1565-fold
Apple 1982 37 $0.16 $232 1450-fold
DJIA 1903 116 $30.88 $26,952 873-fold
Gold 1919 100 $20.67 $1,920 93-fold
Data from: Peter Brandt Factor, LLC

Something to note is this analysis highlights investments that trade over a large range, which is indicative of high volatility—and Bitcoin is known for its volatility.

Nonetheless, the returns netted by any of these breakout investments are extraordinary. Whether Bitcoin can climb from its December 2018 low of $3,148 to Brandt’s prediction of $100,000—a 32-fold increase—is still uncertain.

The post Peter Brandt: Bitcoin enters its “fourth parabolic phase,” taking aim at $100,000 appeared first on CryptoSlate.

Read More

Related posts

Analyst: Current Bitcoin trend similar to when BTC price crashed from $6k to $3k

Samantha Doyle

Istanbul Blockchain Week’s flagship event ‘IstanBlock’ releases limited early bird tickets

Samantha Doyle

Is BLOCKTV’s upcoming IEO a cash grab or the future of crypto media?

Samantha Doyle

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More