- Bitcoin did not hold ground above $5,400 opening a can of worms that has sent it below $5,200.
- Brandt says that Bitcoin is likely to advance to levels above $50,000 in the coming two years.
Bitcoin was linked to last week’s bull rally that put an end to an elongated period of calm on the crypto market. Altcoins followed in the footsteps of BTC and recorded new 2019 highs. BTC/USD continued with the parabolic rise on Wednesday above the support established at $5,200.
The price hit the levels slightly above $5,400 as predicted in the price analysis published yesterday. But Bitcoin did not hold ground above $5,400 opening a can of worms that has sent it below $5,200.
Meanwhile, a market expert, Peter Brandt says that Bitcoin is on the verge of redoing the parabolic rise witnessed after the massive fall in 2015. Brandt is an experienced trader and a Bitcoin bull. According to him, Bitcoin suffered a massive fall in order to come up with the parabolic advance in 2017. Brandt says that Bitcoin is likely to advance to levels above $50,000 in the coming two years according to the charts.
“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.” Brandt on Twitter.
Therefore, the current drop may have just been a necessary retracement and we will start seeing a correction to the north again. BTC/USD is currently dancing at $5,190 with its upside limited by the 100 SMA 1-hour. If Bitcoin clears the support turned resistance at $5,200 it will encounter more resistance at the 50 SMA 1-hour. The medium-term resistance lies at $5,400. A couple of support levels will prevent declines at $5,000 and at $4,800 (support congestions area).
BTC/USD 1-hour chart