Bitcoin Targets $100k: BTC Entered The Fourth Parabolic Phase
The crypto market looks better today with the most important coins trading in the green.
BTC might have entered the fourth parabolic market circle
The optimistic crypto predictions continue and now one of the most popular crypto analysts out there just said that BTC may have officially kicked off the fourth parabolic market circle.
You may be aware of the fact that Peter Brandt who accurately called out the beginning of the past BTC bear market has now tweeted about BTC’s previous parabolic cycles.
The chart that he shows in his tweet is mentioning a brand new potential for a parabolic path that is showing BTC climbing above $100k.
New long-term bull market
In May, Brandt first began describing BTC’s 2019 price movements as the potential start of a new long-term bull market cycle.
“Bitcoin takes aim at $100,000 target. BTC/USD is experiencing its fourth parabolic phase dating back to 2010. No other market in my 45 years of trading has gone parabolic on a log chart in this manner. Bitcoin is a market like no other.”
— Peter Brandt (@PeterLBrandt) September 1, 2019
Someone commented: “It would only make sense for cycles to suddenly and extremely shorten instead of becoming longer as the previous three have done. Reminds me of the $50K prediction at the end of 2017.”
The same person continued and said: “Bear in mind (no pun intended) he was also convinced the clearly bearish $6K descending triangle would take us straight to $10K.”
Brandt told CNBC’s Ran NeuNer that BTC is in the very same situation as it was at the start of previous bull runs.
“You have to look really at the long-term chart that goes back to 2011, 2012. And what you’ll see there is a magnificent thing that happened going into the 2013 high. And that was a parabolic move, and it was a parabolic move on a log scale. A parabolic move on a log scale is a magnificent thing. It may only happen once in a decade.”
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