Peter Brandt, a recognized chartist and Bitcoin (BTC) analyst, wrote on Twitter that there is a possibility that the most popular cryptocurrency in the market entered its fourth parabolic phase. He said that in a recent tweet in which he showed how Bitcoin experienced four major bull trends in the past.
Could Bitcoin Enter A New Parabolic Phase?
The recognized chartist Peter Brandt has shared a new chart in which it is possible to see that Bitcoin could be entering its fourth parabolic phase. This could help Bitcoin reach new all-time highs in the future. In 2017, Bitcoin reached the highest price ever when it was traded close to $20,000. In 2018, Bitcoin and the whole cryptocurrency market entered a bear trend that affected the whole space and industry.
Now that 2019 is close to starting its last quarter, Bitcoin was able to recover part of the price it lost during 2018. Indeed, Bitcoin surged around 200% since it bottomed in December last year and it was able to hit $13,750 in June.
— Peter Brandt (@PeterLBrandt) September 1, 2019
Peter Brandt has also decided to share the chart that Raoul Pal, Founder and CEO of Global Macro Investor and Real Vision Group. Mr. Pal said that this could be the last time to “board the rocket ship,” referring to Bitcoin.
He shared a chart in which it is possible to see a wedge pattern that he considers has a “high probability of success.” Pal has also mentioned that “macro land” is being affected by many different issues. Some of these things include record-low interest rates, growing debt, US growing and slower economic growth in Europe.
The main question regarding Brandt’s tweet is how fast will Bitcoin will reach a new all-time high through a parabolic bull run. As he shows, each of the previous parabolic runs in Bitcoin were longer and took several more months to take place.
At the time of writing this article, Bitcoin has surged 1.73% in the last 24 hours and it is one of the top gainers among the 10 largest digital currencies in the market. Each BTC can be purchased for $9,784 and it has a market capitalization of $175 billion. If Bitcoin wants to surpass its previous all-time high, it will have to grow 104% in the coming months.