While the leading cryptocurrency Bitcoin continues its struggle for $ 43,000, analysts and investors maintain their bullish expectations.
At this point, experienced analyst Peter Brandt, who stands out with his predictions and analyzes in the cryptocurrency market, made a new post about Bitcoin from his X account.
Stating that history is about to repeat itself in Bitcoin, Peter Brandt claimed that BTC is on the verge of a parabolic rise.
Basing his bullish claim and analysis on a method similar to Elliott Wave Theory, the analyst argues that BTC's recent charts appear to imitate these wave-like patterns.
Brandt says in his post that this model also points to a potential parabolic increase in Bitcoin's price.
According to the charts shared by Brandt, Bitcoin is in the final phase, the “dump” phase, and is about to start a new upward cycle.
Looking at the charts shared by the famous name, BTC price shows a continuous upward trend along the support line of the parabolic formation. In this formation, Bitcoin follows a four-stage cycle: crash, bump, bump and decline. Accordingly, BTC has already experienced the dump phase and is at the beginning of a new cycle.
While this points to the beginning of a new bull market after the dump phase in Bitcoin, Brandt said that BTC is in a new upward phase. “Similar cycle patterns have been repeated in the past and history is repeating itself, déjà vu again!” he explained with his words.
Is history repeating itself?
As Yogi Berra once said, "it's like deja vu all over again."#Bitcoin pic.twitter.com/SNXWc3ko5g— Peter Brandt (@PeterLBrandt) February 6, 2024
As a result, if Bitcoin maintains the support line of the parabolic rise formation and exceeds the resistance levels, the parabolic rise predicted by the analyst for Bitcoin will occur, but if BTC cannot maintain the support level, it may cause the expected rise to be postponed.
Just because analysts predict a rise or fall, or if they were successful in their previous predictions, does not mean that Bitcoin will rise or fall again. Even though the analyst focuses on the possibility of an increase, do not make your investment decisions based on a single data or analysis. These analyzes are helpful data that are not definitive, have a margin of error, and have never been proven to be 100% accurate.
Make your investment decisions based on your own research.
*This is not investment advice.
