Bitcoin's Correction Continues for Now, but Eventually It Could Go 'Parabolic,' Says Peter Brandt

2 years ago

The caller crypto sell-off could beryllium a specified dip wrong a semipermanent uptrend. That’s according to chartist Peter Brandt, CEO of Factor LLC, a probe and trading firm.

When asked what it would instrumentality for bitcoin (BTC) to get to $200,000, Brandt said, "I deliberation it's going to instrumentality a marketplace that's going to spell up connected a parabolic ground – and that's what bitcoin has done."

Bitcoin was trading astir $37,000 astatine property clip and is down 45% from its all-time precocious adjacent $69,000 reached successful November 2021. The crisp sell-off accelerated arsenic immoderate traders were forced to liquidate agelong positions implicit the past week.

  • “We haven’t seen the benignant of measurement enlargement that we’ve seen successful erstwhile short-term bottoms successful bitcoin,” Brandt said during an interrogation connected CoinDesk’s “First Mover” amusement connected Tuesday.

  • High trading measurement connected terms dips typically awesome capitulation among sellers. That means further downside is likely, which could pb to a “wash retired beneath $30,000, and down toward $27,000,” according to Brandt.

  • “We tin get a sellers panic determination successful the adjacent 30 to 60 days,” Brandt said.

  • For now, BTC is locked wrong a choky terms scope betwixt $33,000 and $42,000 and has been trading successful fastener measurement with equities.

  • “After we’ve seen a 50% diminution successful bitcoin, present is the clip to commencement recommitting to a semipermanent narrative,” Brandt said.


The person successful quality and accusation connected cryptocurrency, integer assets and the aboriginal of money, CoinDesk is simply a media outlet that strives for the highest journalistic standards and abides by a strict acceptable of editorial policies. CoinDesk is an autarkic operating subsidiary of Digital Currency Group, which invests successful cryptocurrencies and blockchain startups. As portion of their compensation, definite CoinDesk employees, including editorial employees, whitethorn person vulnerability to DCG equity successful the signifier of stock appreciation rights, which vest implicit a multi-year period. CoinDesk journalists are not allowed to acquisition banal outright successful DCG.

Damanick is simply a crypto marketplace expert astatine CoinDesk wherever helium writes the regular Market Wrap and provides method analysis. He is simply a Chartered Market Technician designation holder and subordinate of the CMT Association. Damanick is besides a portfolio manager astatine Cannon Advisors, which does not put successful integer assets. Damanick does not ain cryptocurrencies.

Subscribe to First Mover, our regular newsletter astir markets.

By signing up, you volition person emails astir CoinDesk merchandise updates, events and selling and you hold to our terms of services and privacy policy.

View source