“Last Minute” BTC Forecast From The Analyst Who Knows Every Step Of Bitcoin!
Veteran trader Peter Brandt says that Bitcoin's (BTC) parabolic phase is still very solid despite the leading cryptocurrency's 50 percent pullback from its all-time high of $64,000.
In a recent interview with cryptocurrency analyst Scott Melker, Brandt said that Bitcoin remains in a long-term uptrend, but volatility will remain a key feature of the leading cryptocurrency. Brandt points out that BTC is still in “parabolic progress.” The key point, according to him, is that people are stuck with “BTC goes up to $100, down, $1,000, $10,000 down.” According to the analyst, we are in a long-term bullish trend. “It will take time for me to change my mind on this,” Brandt says.
“I think Bitcoin is a store of value far beyond what any fiat currency can offer. This does not mean that Bitcoin will rise every day, every week, every month, or even every year, of course, it has risen most of the time. But we will see volatility. One thing is certain with Bitcoin, it will be volatile.”
There's a huge demand for $30,000, according to Brandt
The veteran trader also highlights an important price level where there is “enormous” demand for the leading cryptocurrency. $30,000 or very low is likely to hold us, according to Brandt. But he says he's not sure we're "out of the woods" yet. "Maybe we can't get that low," he says. According to him, he can hold at this low level right now. Brandt also utters the following sentences:
“But that doesn't mean we can't slide below that, and if we slide, we could see some additional purges. I mean, when you look at it, we know there is tremendous demand for Bitcoin at $30,000. Every time we get close to it, we get a jump.”