The bitcoin price movement has become quite complex and most analysts are not sure where it could be going next. The pattern has been unstable since the last week and the future seems to be getting bleaker as Bitcoin has failed to reach $12,000 again since the 30% correction experienced recently.
In the midst of the confusion, however, there could be a ray of light at the end of the tunnel as a veteran trader and market analyst Peter Brandt says a break into another parabolic move remains a possibility. This is only one side of the coin though. He also says Bitcoin may experience an 80% correction of 7-month advance if it fails to start the parabolic move.
As an option between the above-mentioned scenarios, Bitcoin could experience a much smaller correction in Brandt’s opinion and then follow with a new parabola at the same time. If this happens. Bitcoin could be breaking through $12,000 and the possibility of reaching a new ATH may be sight.
On the other hand, an 80% correction could bring Bitcoin below its 2018 low of $3,200. This will be Bitcoin’s lowest low since the 2017 bull market and will be a great opportunity for many to buy and gain from the next bull market. This will also invalidate the school of thought that Bitcoin was already in a bull market.
The general expectation, however, is that Bitcoin is going higher this year and in 2020 because of several factors including the halving in 2020 and the growing interest among institutional investors, some of which are already subtly getting into the cryptocurrency industry. The expected launch of Bakkt and possible approval of an ETF are also potentially profitable to Bitcoin.
Bitcoin is trading at $11,215 at the time of writing this article and has lost over 6% in the last 24 hours. It remains to be seen which of Brandt’s forecast comes to pass in the coming days and months if the uncertainty continues.
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