Career Trader Subtly Hints Of Bitcoin Parabola Breakdown With Fractal Diagram
Bitcoin has fallen below $35,000, and while given the asset’s recent highs sounds like a sizable correction, the price per BTC is still nearly 1000% higher than where it was less than one year ago. After such extreme moves to the upside, often come crashes that eliminate much of the progress made, until the parabola starts all over again.
Career trader Peter Brandt has shared a chart that subtly hints that the recent Bitcoin price parabola could begin to break down. The last time he did so, he accurately called an 80% decline in price. Here’s a look at what might come next if that’s the case.
Paying Attention To Peter Brandt Costs Nothing, Pays Out In Profits
Because of Brandt’s reputation and experience level, when he speaks, it tends to be worth paying attention to. Those who wisely took profit during the last major Bitcoin rally after the trader claimed the parabola was violated, would have even been given almost the exact target to which the cryptocurrency fell to nearly a year later.
In the image, originally shared on January 8, 2018, a “bump, hump, lump, and dump” repeating pattern shows each parabolic base, just before the breakdown and resulting downtrend that follows. The chart above compares the rally Brandt references alongside the current parabolic rally.