Peter Bandt, a Veteran technical trader sees bitcoin the world's largest cryptocurrency by its market capitalization is all set to end crypto winter.
Bitcoin (BTC) The world’s largest cryptocurrency broke above the psychical mark of $5,000 for the first time since November and has so far sustained its rally, forcing some analysts to declare an end to the so-called “crypto winter.”
The recent Bitcoin price rally has emboldened some analysts to make new calls, Including one from Peter Bandt founder of Factor Research and Trading.
Speaking to Yahoo Finance YFi PM Veteran trader said,
“I believe that charts reflect underlying supply and demand fundamentals and that’s how we have to look at it, What’s happened from December of 2017 to 2018 is really an analog to what happened in the 2013 to 2015 bear market, where we saw sequential 10 up-and-down moves in the bear market and we’ve almost identically formed that same sort of pattern.”
“I think the analogs are holding remarkably well and based on those analog studies, I think cryptos now will go back into a parabolic bull market,” he said. “The only question I have is do we rally here some and then sometime in late summer check the late 2018 lows or not? There is a chance that it does, there’s a chance that it doesn’t.”
It is worth noting that Peter Bandt has also predicted 84% decline in Bitcoin prices during 2018.
"General TA rule -- violation of parabolic advance leads to 80%+ decline in value. If general rule is followed, BTC should retrace to <$4,000. Note: This Tweet does not make me a hater."