The Bitcoin price slipped sharply in November 2018 and tanked to $3120 in December 2018. Throughout the first quarter of 2019, it mainly remained range bound.
Nonetheless, with the more recent surge in Bitcoin price which broke above the powerful psychological resistance near $5,000, analysts are again and again becoming positive about the long-term prospects of the quintessential cryptocurrency on the face of the earth.
Veteran Trader Peter Brandt Predicts Sustained Uptrend
Expert trader and technical analyst Peter Brandt, the writer of the Diary of a Professional Commodity Trade sent a tweet on April 5 pinpointing a parabolic phase for Bitcoin.
Consequently, he also posted a comprehensive technical analysis believing there is a good possibility that we might just see a sustained bullish run in the forthcoming months of 2019.
“I have written exhaustively about the analog nature of the current market to the bear market of 2014-2015 and the subsequent parabolic advance into 2017 high,” said Peter Brandt in his analysis and he examined the current development to the double bottom pattern formation in 2015.
Either from Dec ’18 low or from retest of same (circa analog dbl bottom in 2015) it would not surprise me if $BTC enters a new parabolic phase. $btcusd pic.twitter.com/XV89Qz7P4n
— Peter Brandt (@PeterLBrandt) April 5, 2019
According to Brandt, the existing pattern development will require the Bitcoin price to go down towards $3215, and form a double bottom, which is considered to be a bullish technical pattern.
Daily Chart of Bitcoin Reveals Different Potential Directional Movements
The analysis of Peter Brandt is founded on the weekly price chart of Bitcoin, and in the long-term, it helps make several valid points. However, it is worth noting that to form the double bottom pattern, Bitcoin price may need to fall by nearly $2000 from its current level. To do so, it initially needs to break below the solid support around $4285, and then cross the well-respected daily uptrend line to reach the next significant support near $3215.
As per our previous analysis, Bitcoin price is already straining to maintain the ground near $5000 following the recent bullish move.
In spite of that, if we consider the $5335 high to hold its ground till the said double bottom pattern forms, it is going to enable us to plot Fibonacci retracement levels based upon the low of $3215 and high of $5335. Doing so, it plots the 423.6% retracement at $12,250.
The Bottom Line
In the marketplace, trends build from the factor that investors mirror their past behavior. Nevertheless, the instance painted by Peter Brandt will call for some improbable events to come to pass to mimic the double bottom line pattern formed in January and August 2015.
Over the last 7 days, we had a number of bullish predictions, including CEO of Binance, Changpeng Zhao, suggested a substantial volume of “big money” is readying to enter the market. Additionally, Forbes contributor Naeem Aslam predicted Bitcoin would ultimately trade near the $100k mark.
While we had this kind of extravagant predictions ever since the introduction of Bitcoin over the last decade, only time will tell how far the miraculous Bitcoin will take us.
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