Crypto Analyst Who Called Previous Market Bear Says Bitcoin Violated Parabolic Lead

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Longtime analyst and trader Peter Brandt told his more than 607,000 Twitter followers that Bitcoin (CRYPTO: BTC) violated a key metric in its bullish advance. Brandt, a career Futures / FX trader since 1975, is known for announcing the start of the previous bear market in early 2018.

I saw the Parabolic Advance violation and commented on it in real time to @ BitcoinLive1 members in real time, but looking back I might not have taken the event seriously enough $ BTC will see pic.twitter.com/6Hjvh6fe8v

– Peter Brandt (@PeterLBrandt) January 7, 2022

On Saturday, Brandt added a follow-up tweet stating that his previous graphic doesn’t necessarily tell the whole story.

Some consider the predictions to be a “one-time-only” event. I am a student of Bayesian probability. Predictions and analyzes must always evolve according to the events of the time. When circumstances change, predictions must change. The dish may not be the driving force behind $ BTC

– Peter Brandt (@PeterLBrandt) January 8, 2022

The analyst previously posted on Twitter that parabolic lead violations can cause value to drop by more than 80%, which would bring Bitcoin down to $ 8,340 from current prices.

He warned traders buying Bitcoin’s decline and reflected on the massive drop in the silver market over 40 years ago.

I remember in 1980 people were saying the same thing about $ SI_F money after going over $ 50

It then dropped to $ 3.65 and didn’t restart for 24 years.

Not to say that $ BTC is the same, but a sacred trading rule that I have used never adds to a losing trade

– Peter Brandt (@PeterLBrandt) January 7, 2022

Meanwhile, today’s Bitcoin Fear and Greed Index is at a level not seen since July 21, 2021.

Bitcoin Fear and Greed Index is 10 – Extreme FearCurrent Price: $ 41,789 pic.twitter.com/xPsBPG8q8z

– Bitcoin Fear and Greed Index (@BitcoinFear) January 8, 2022

Bitcoin’s price was $ 41,570.72 on Saturday, down 0.40% in the previous 24 hours.

Related Link: Bitcoin, Ethereum, Dogecoin Hit As Market Seized With ‘Extreme Fear’ – Why This Analyst Thinks Apex Coin Has More Pain for Investors

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