Veteran trader Peter Brandt claims that Bitcoin’s parabolic phase is still very much intact despite the major cryptocurrency’s 50% retracement from its all-time high of $ 64,000.
In a new interview with crypto analyst Scott Melker, Brandt says Bitcoin continues to be on a long-term uptrend, but added that volatility will remain a key feature of the flagship crypto.
“We are still very much in a parabolic progression. I think the bottom line is people hang on, $ 100 more, $ 100 less, $ 1,000 more, $ 10,000 more, $ 10,000 less. We are in a long term uptrend. It will take a lot of money to change my mind on this.
I think Bitcoin is definitely a store of value that far exceeds what any fiat currency can offer. That’s not to say that Bitcoin will increase every day, every week, every month, or even every year, although, of course, most of it does. But we will see some volatility. One thing is certain with Bitcoin is that it is going to be volatile.
The seasoned trader is also highlighting a key price point where there is “huge” demand for the major cryptocurrency.
“Personally, I think there’s a good chance that around $ 30,000 is holding us back. But I’m not sure we’ve gotten out of the woods yet and maybe we can’t get that low. My money’s on the fact that this low is going to hold up for now.
But that doesn’t mean we can’t get through this and if we do, we might see some more liquidation. I mean, really when you look at it we know there is a huge demand for Bitcoin at $ 30,000. Every time we go down near there we get a bounce.
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