Bitcoin price vertical blow-offs cannot be sustained, says trading veteran Peter Brandt

• Bitcoin price is up by 24% since Thursday 16 and continues trending higher.
• Analysts are worried about a potentially massive correction for Bitcoin.

Bitcoin managed to finally break above $20,000 for the first time ever on December 16, touching $21,560 and seeing a ton of continuation the next day towards an all-time high of $23,800 on Binance.

Peter Brandt is cautious about Bitcoin price 

Peter Brandt, a veteran cryptocurrency trader remains cautious about Bitcoin price action as the digital asset seems to have no end. According to Brandt, vertical blow-offs cannot be sustained in the long-term. 

I do NOT think that from where ever a meaningful correction begins will be the absolute end of the BTC bull market. I believe BTC is in a multi year bull market. But vertical blow offs cannot be sustained. I will take some profits at a long standing target of 24087.

It seems that Brandt still believes Bitcoin is in a major bull rally. The cryptocurrency total market capitalization has jumped to $670 billion for the first time since January 2018 and it’s close to its all-time high of $803 on January 6, 2018. Brandt also added:

I do not want to imply that my opinion of Bitcoin has changed. We are in major bull market. The danger in a major bull market is getting knocked out of a well priced position. I will take a 20% profit — no more.

BTC/USD 3-day chart

In our last Bitcoin technical analysis article, we discussed the chances of seeing a massive 30% correction before the next leg up. During the last rally in 2017, the flagship cryptocurrency experienced several 30% plunges and sharp corrections before continuing with the uptrend.