The market expert with more than forty years experience, Peter Brandt has recently come out to say that a violation of the parabolic phase that started in December last year could spark an 80 percent correction of the entire parabolic advance.
Earlier this month, Bradt tweeted:
If current parabolic phase is violated, we could expect either an 80% correction of 7-month advance or much smaller correction w/ definition of new parabola w/ shallower slope. $BTC Note formation of possible 2-wk H&S or H&S failure pic.twitter.com/6IF1bHREAv— Peter Brandt (@PeterLBrandt) July 7, 2019
As the Bitcoin price is still starting to correct and is now trading below the $10k key resistance level, Brandt reaffirmed that the cryptocurrency market could be about to suffer a major plunge from high of $310 billion in market cap to around $150 billion which will mostly impact altcoins.
In all honesty, things seem bearish at the minute. But this is something you’ve probably noticed as the sell signals have been triggered under different time frames like the bearish MACD crossover on the 3-day chart and the break of the ascending parallel channel on the one day chart.
As reported by CryptoSlate:
“Despite Peter Brandt’s bold prediction of an 80 percent correction that could take Bitcoin sub $3,000 levels, it seems that at the moment this cryptocurrency could likely retrace to around $8,000, which will represent a 40 percent pullback that based on historic data will help keep the bullish trend healthy.”
Ther is a small chance that Bitcoin could actually go through a consolidation phase between $13k and around $9.7k, but it will depend on its strength to get back above the 100-twelve-hour moving average before the current 12-hour candlestick closes.