Veteran trader Peter Brandt says that Bitcoin’s parabolic phase is still very much intact despite the leading 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 upward trend but added that volatility will remain a key feature of the flagship crypto.
“We’re still very much in a parabolic advance. I think the key thing is people get hung up on, a $100 up, a $100 down, a $1,000 up, $10,000 up, $10,000 down. We’re in a long-term bull trend. It’s going to take a substantial amount for me to change my opinion on that.
I think Bitcoin is definitely a store of value that far exceeds what any fiat currency can offer. That does not mean to say that Bitcoin will go up every day, every week, every month, even every year, although it has, of course, for the most part. But we will see volatility. One thing for sure in Bitcoin is that it’s going to be volatile.”
The seasoned trader also highlights a key price level where there’s “tremendous” demand for the leading cryptocurrency.
“Personally, I think there’s a good chance that this $30,000 or so low may hold us. But I’m not sure we’re out of the woods yet and cannot maybe penetrate that low. My money is on the fact that that low is going to hold for now.
But that doesn’t mean to say that we may not slip through that and if we do, we could see some additional liquidation. I mean, really when you look at it, we know that there’s a tremendous demand for Bitcoin at $30,000. Whenever we go down near there, we get a bounce.”
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