Career Commodities Trader Calls Bitcoin Chart Parabola “Historic”

EuYm5aqXUAY9Jtr 980x644

Bitcoin blasting above $50,000 per coin made it clear that the parabola would continue, marking the third major parabolic phase in the cryptocurrency’s short lifecycle. Commodities trader Peter Brandt has seen many price charts throughout his storied career. This sort of behavior in an asset is rare, according to Brandt. But three times? That’s “historic,” he says. And according to a chart he’s shared, the parabola has a lot more to go before it is at risk of breaking down. Bitcoin Makes History With Third “Extremely Rare” Parabolic Phase Bitcoin was designed to near perfection as an economic ecosystem. The self-sustaining network lets users store and send BTC all without a third party intermediary. Miners power the network by providing hash rate, and for their time, costs, and efforts, they’re rewarded in coins. Every four years, the reward Bitcoin miners receive is slashed in half, throwing off the delicate balance…

Read the original article here