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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%
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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%

Baby Got Back: 50-Year Veteran Trader Compares Bitcoin Bottoms

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
Bitcoin bottom Brandt

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Whether it is Bitcoin or another asset, bottoms can be hard to spot until much later in hindsight. That is unless you are Peter Brandt, career commodities trader with nearly 50 years of market experience.

In a new comparison, Brandt compares the crypto bear market bottom he predicted a year in advance, with the current pattern that recently pushed Bitcoin beyond $45,000. Here is the full comparison along with why it might be worth listening to Brandt’s words of wisdom.

50-Year Trading Veteran Hints At Possible Bitcoin Bottom

In a new tweet, founder of The Factor Report Peter Brandt compares the late 2018, early 2019 bear market bottom, with the current Bitcoin price action.

Brandt specifically calls attention to the ascending triangle pattern that Bitcoin price appears to have broken out of, and its resemblance to what turned out to be the ultimate price floor.

Related Reading | This Bitcoin “Heatmap” Suggests A Blazing Cycle Peak Is Still Ahead

The classical chartist cites reference to what is considered “the real bible of technical analysis” – the book Technical Analysis and Stock Market Profits: A Course in Forecasting by Richard W. Schabacker. The expert technician even references the exact page number where more details on the pattern can be found.

In a recreation of Brandt’s chart below, the two potential Bitcoin bottoms are compared directly. In addition to the ascending triangle, there is also an Adam and Eve-like double bottom formation, and each bottom occurred along a similar trend line dating back almost a decade.

BTCUSD_2022-03-28_09-21-37

A recreation of Brandt's comparison with another look for good measure | Source: BTCUSD on TradingView.com

Why Peter Brandt’s Crypto Comparison Holds Weight

Because of Brandt’s sometimes bold calls that go against the hive mind of crypto Twitter, the trader often gets labeled a “hater.” In reality, he regularly says Bitcoin is among the most remarkable markets he’s ever traded and was among the first to call attention to the parabola building in 2016 and 2017.

When that parabolic advance was violated in late December 2017 and early 2018, he was also the first to suggest the way down was a lot further than most were ready to accept. Brandt called for a full 80% or more retrace in the price per coin of the top cryptocurrency almost a full year before it landed at his target.

Related Reading | Peter Brandt Calls For 80%+ Bitcoin Price Decline With Chilling Accuracy

Unlike what is commonly seen throughout the crypto world, Brandt doesn’t rely on complex technical indicators, buy or sell signals, or on-chain metrics. All he uses are straight or curved lines, which often accurately represent a contained trend. When such lines are violated, a trend change often follows.

With Bitcoin breaking above the top of an ascending triangle trend line, is Brandt specifically calling attention to a trend change ahead? If so, paying closer attention to the comparison between each major crypto bottom could be critical.

Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice.

Featured image from iStockPhoto, Charts from TradingView.com
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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