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bitcoin peter brandt parabola breakdown
Nexo Logo

Career Trader Subtly Hints Of Bitcoin Parabola Breakdown With Fractal Diagram

Tony Spilotro by Tony Spilotro
1 year ago
in BTC
Reading Time: 3 mins read
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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

Peter Brandt is a living legend, spending an entire career professionally trading commodities, stocks, and more recently, cryptocurrency. Brandt has long been interested in Bitcoin, has shared his commentary about the market and related price action via his Twitter, and has contributed to the Bitcoin.Live platform.

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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.

Related Reading | Proper Altcoin Season While Bitcoin Drops Has Traders “Cautious”

The trader famously called for an 80% or more retrace following the 2017 peak of $20,000. In 2018, Bitcoin traded at $3,200. Brandt nailed it, and now he’s back at it again.

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bitcoin peter brandt career trader crypto parabolaPeter Brandt calls attention to the current rally resembling this previous parabola breakdown | Source: BTCUSD on TradingView.com

Brandt Brings Up Painful Reminder Of Past Bitcoin Parabola Broken

Brandt points out the last time he shared a price chart exhibiting a Bitcoin parabolic curve, just before the bear market took hold.

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.

Related Reading | The Striking Similarities Between The 2017 Bitcoin Peak And Now

Price patterns and even ranges appear to line up eerily accurately, with the primary discrepancy being the Black Thursday pandemic-driven panic selloff. Aside from that, the similarities are striking.

Repeating price patterns like this are called fractals. If what follows this near flawless fractal is also similar, the chart below would demonstrate what comes next.

bitcoin peter brandt career trader crypto parabola

Here's what happened after the parabola breakdown | Source: BTCUSD on TradingView.com

Remember, Brandt called for an 80% correction of the parabolic move, and was correct. And while he hasn’t brought up that dangerous data point since back then, even the short-lived parabolic phase in 2019 ultimately corrected over 70%.

However, any downside is contingent upon the current parabola breaking down, and the new “hump, slump, pump, and dump” pattern failing to repeat.

Featured image from Deposit Photos, Charts from TradingView.com
Tags: bitcoinbtcbtcusdBTCUSDTcryptofractalparabolaPeter Brandtxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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