Bitcoin (BTC) on the verge of exponential growth - Peter Brandt

BTC/USD has gained over 3.5% in recent 24 hours, but further upside is limited.
A prominent trader believes we are on the verge of exponential growth.

Tanya Abrosimova Independent Analyst

Bitcoin (BTC) retreated to the area below $5,300 after an unsuccessful attempt to break above $5,350 barrier during early Asian hours. The largest digital asset with the market value of $83 billion has gained over 3.5% since this time on Sunday and over 28% in recent seven days.

What’s going on

A prominent trader Peter Brandt believes that Bitcoin is following the same patterns as in 2015, which may result in 100x growth.

“Either from Dec ‘18 low or from retest of same (circa analog dbl bottom in 2015) it would not surprise me if $BTC enters a new parabolic phase,” he wrote in his Twitter account.

Several years ago, a so called parabolic arc pattern was created after a double bottom pattern. The same is happening now, according to the expert.

Bitcoin’s technical picture

On the intraday charts, BTC/USD is supported by $5,100 (SMA50, 1-hour). This barrier is followed by psychological $5,000 with SMA100 (1-hour) located on approach to this handle. Meanwhile, the critical support is created by an upside short-term trendline currently at $4,970. On the upside, the recovery may be limited by $5,300 and $5,348 (double high of April 3 and April 8).

BTC/USD, 1H chart

Author

Tanya Abrosimova

Independent Analyst

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