Longtime analyst and trader Peter Brandt says Bitcoin (BTC) has broken out of its parabolic advance.
After taking steep price dives on Wednesday and Thursday, BTC is trading at $41,698.72 at time of writing, down more than 17% from where it was priced one month ago.
“I saw the violation of the parabolic advance and commented on it in real-time to members of BitcoinLive in real-time, but in hindsight, I might not have taken the event seriously enough.
The analyst is known for calling the start of the previous bear market, which began in early 2018, and has previously noted on Twitter that parabolic advance violations generally lead to more than 80% declines in value.
Such a decrease