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Trading Legend Peter Brandt Floats the Possibility of Bitcoin Bull Run

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Fri, 5/04/2019 - 14:09
Trading Legend Peter Brandt Floats the Possibility of Bitcoin Bull Run
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Trading vet Peter Brandt has just taken to Twitter to share some exciting news for Bitcoin fans. Brandt claims that it wouldn’t surprise him if BTC enters a new parabolic phase, which in layman’s terms means that Bitcoin is on the verge of another bull run.

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A parabolic phase

As Bitcoin is hovering above $5,000, investors are wondering if there’s more to come in this rally. Now that the number one currency has surpassed a major resistance level, it is tempting to assume that the market has entered a ‘parabolic’ phase, which is simultaneously the most dangerous and the most sought after pattern because of immense profits it can possibly generate. It usually forms when there a steep rise in prices that is driven by FOMO (fear of missing out) and huge speculations.

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When cryptocurrency prices are suddenly rising, neophyte traders do not want to miss the boat. Eventually, the euphoria reaches its boiling point, and a huge sell-off ensues.  

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The bottom has been reached

In the above-mentioned tweet, Brandt assumes that Bitcoin might have already reached its bottom. In December 2018, Bitcoin fell to the $3,100 level. At the same time, there is also a possibility that BTC might retest this bottom again before another bull run. As reported by U.Today, another prediction states that Bitcoin could bottom out at $2,500.

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