Long-time analyst and trader in the crypto world Peter BrandtHe stated that Bitcoin (BTC) has broken its parabolic progression.
Bitcoin (BTC), exhibited steep price movements on Wednesday and Thursday, declining 17% compared to its value a month ago and regressed to $ 41,698.
Peter Brandt summarized this situation with his tweets,
“I detected a parabolic progression violation and commented in real time to BitcoinLive members in real time, but looking back, it may not have been taking things seriously enough. Let’s see what time will tell us.”
The analyst is known as the analyst who spotted the onset of the previous bear market that started in early 2018 and had previously stated on Twitter that parabolic progression violations often lead to more than 80% drop in value.
The veteran trader also turned down the comment from Jeff Ross, CEO of investment firm Vailshire Capital. Ross stated on Twitter that long-term BTC holders may have additional opportunities to buy cheap Bitcoin in the coming months.
However, Brandt cautions BTC traders to follow a “sacred trading rule” of never adding to a losing trade.
“I remember people saying the same thing about silver, which peaked at $50 in 1980. It then dropped to $3.65 and failed to rise again for 24 years. I’m not saying BTC is the same, but a holy trading rule I use is to never contribute to a losing trade.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.