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crypto bitcoin peter brandt trader
Nexo Logo

Legendary Trader: Current Crypto Rally Must Hold Or More Serious Correction Is Coming

Tony Spilotro by Tony Spilotro
3 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 2 mins read
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A legendary professional trader who famously called Bitcoin’s drawdown from $20,000 to $3,000 with chilling accuracy is claiming that while things are looking bullish for the first-ever crypto asset, if any of the bullish factors he’s watching changes, it could result in a much more “serious correction.”

Peter Brandt Highlights Bullish Bitcoin Factors But Warns of a More Serious Correction

From late November and all through December into early January, Bitcoin painted a multi-month inverse head and shoulders pattern.

The bottoming price pattern confirmed, driving Bitcoin from lows around $6,400 to a high of $9,200.

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Related Reading | How Bitcoin’s Recent Downtrend Could Have Tripled Your BTC Stack 

The rally also caused the first-ever crypto asset to break out of its downtrend channel, according to some analyst’s interpretation of the trend line.

Trend lines can be dangerous, as personal bias can often cloud where trend lines are drawn.

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However, when it comes to legendary trader Peter Brandt, although he’s a self-proclaimed Bitcoin bull, his analysis is always unbiased.

In the past, he’s called for Bitcoin’s over 80% drawdown after its parabolic advance was broken in late 2017, resulting in a fall from $20,000 to $3,000.

The target was ultimately hit, earning Brandt additional clout across the crypto industry.

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Now, the professional career trader has shared a new price chart showing Bitcoin’s recent breakout from the downtrend channel, and with it, he’s outlined a number of bullish factors.

Reasons to believe current correction in Bitcoin could hold
1. Retesting upper boundary of channel is normal
2. Retesting 18 DMA
3. No 3DTSR has been triggered
4. Jan 14 low remains intact
Should above items change, then more serious correction could occur$BTC pic.twitter.com/00O9wfv8h3

— Peter Brandt (@PeterLBrandt) January 24, 2020

These factors include a retest of the upper channel boundary, along with a retest of the 18-day moving average. Both of these retests are currently holding support.

Brandt also points out the January 14 low is still intact and unbleached, and the 3DTSR has yet to be triggered.

If First-Ever Crypto Maintains Momentum, Target is New All-Time High

The trader warns that should any of these above factors change, “then a more serious correction could occur.”

Recent discussion around Elliott Wave Theory hints that if the crypto asset loses the current momentum it has, it could result in a massive panic selloff to $1,000 before a new impulse wave upward begins.

A drop to $1,000 would be the serious correction that Brandt is warning about.

Related Reading | Shock and Awe: Bitcoin Losing Momentum Could Result in Elliot Wave Correction to $1,000

But before bulls begin to panic, there’s on saving grace on Brandt’s latest chart: an upside target of $21,398 – and a new all-time high for Bitcoin.

As Brandt points out in a later tweet, charts are “constantly morphing” and exact trend lines are usually only clear after the fact. It’s the trader’s way of saying that even his charts, despite his over 30 years of trading success, could be drawn incorrectly. And with a market as speculative as crypto, anything is possible.

Tags: All-time HighbitcoincryptoPeter Brandt
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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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