Peter Brandt, a well-known cryptocurrency trader famous for accurately predicting bitcoin’s collapse in 2018 following a bull run that saw the price of the cryptocurrency surpass $19,000 for the first time, has posted a new analysis on BTC’s charts.
On Twitter, Brandt pointed out he believes bitcoin is in the midst of a parabolic rally and posted a chart showing the flagship cryptocurrency’s price performance, which indicates that it could soar to as much as $42,000 by February 2021.
Brandt noted, however, he expects the parabolic move to be broken at some point, which implies the price of the cryptocurrency will soon endure a correction.
Per his words, this correction would not be like the one seen in 2018, which saw it moved to a $3,400 low in less than a year. If bitcoin endures a correction in the near future it could be a significant one.
When asked whether that correction could be an opportunity for altcoins markets to surge, Brandt straightforwardly responded, telling the user to “forget junk coins” and instead focus “on the real thing.” As to what could bring in sell pressure to the market, Brandt pointed towards potential tax obligations.
It’s worth noting that this week Mark Newton, founder and president of Newton Advisors, said that BTC’s charts are “quite bullish on an intermediate-term basis,” but noted they show BTC’s current bull run could peak in January, even though its relative strength index shows rising interest from institutional investors. Brandt is notably well-known for predicting in January 2018 bitcoin’s 84% decline throughout that year, from over $19,000 to little over $3,000 in a year-long bear market.
Earlier this month, Brandt had also made it clear he believes the bull run isn’t over, despite seeing the potential for significant price corrections along the way.
Featured image via Pixabay.