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A closely-followed Bitcoin trader who nailed the timing of BTC's collapse in January 2018 is updating his outlook on the world’s leading cryptocurrency.

Peter Brandt says Bitcoin is in the midst of a parabolic rally, posting a chart that shows BTC soaring above $48,000 as soon as January.

“Bitcoin BTC is advancing in parabolic move from Sep ’20 low.”

Brandt says a significant correction could happen and violate the curve at any point, but he doesn’t think the next retracement will mark the start of a long-term bear market.

“I expect this curve to be violated at some point, but not to produce 80% decline. Green curve is a larger parabolic advance from December 2018 and March 2020 lows. This is the driver of bull market.”

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