Renowned commodity and crypto trader – Peter Brandt (@PeterLBrandt) has released a publication explaining when and how, as well as factors for Bitcoin’s predicted rise to $100,000.
It will be recalled that Peter Brandt had called Bitcoin’s famous $13,500 all-time high this year, while also describing Bitcoin as “a market like no other, one in its fourth parabolic phase on a long chart.”
In his latest publication, Brandt notes that Bitcoin is heading towards the $100,000 mark, as he explained in a new video. According to his analysis, Bitcoin is still moving within its historic bull trend which has seen consecutive higher highs and higher lows.
Brandt states that despite BTCs current short-term bearish scenario, the number one cryptocurrency will maintain its bullish narrative in the coming years until it breaks $100,000.
For the above to occur, there are two main scenarios to expect: a bearish scenario and a bullish uptrend. He analyses both:
Peter Brandt notes that BTC price is currently at a crossroad zone (make or break), and might go for any of the scenarios soon.
At this time, it is trading very close to the lower boundary of a multi-year channel. Hence, if price continues correcting then we might see Bitcoin bottoming out at $5,324 by July 2020.
This bearish prediction is based on previous patterns which saw bitcoin violate the parabolic pattern four times since 2011. In each of the four events, a 80%-plus correction had followed and lasted for about 12 months from the peak to the low.
Brandt notes that with such correction, a strong support at $5,324 will hold; adding that the potential correction will scare a lot of crypto bulls and hodlers – a FUD he likens to that which he has experienced in his years of trading other commodity markets.
In a second scenario involving an uptrend, where BTC price doesn’t break the lower boundary of the multi-year channel, BTC price will reverse to bounce to new highs.
Brandt says the new highs could come as early as next year under this bullish scenario.
For many Bitcoin bulls and traders, the upcoming Bitcoin halving in May 2020 is enough to guarantee a new all-time high. This assumption is supported by analysis of past halving events; as well as by the stock-to-flow (SF) model by Plan B who predicts Bitcoin to be or have been above $100,000 before Christmas 2021.
However from Brandt’s analysis, while halving remains a possible catalyst for Bitcoin’s price rise, new price highs would not solely depend on the Bitcoin halving event.
Very Important: Both traders – Peter Brandt and Plan B (stock-to-flow model) are revered among Bitcoin investors for the accuracy of their predictions and price tools respectively. However. The Bitcoin/crypto market remains highly volatile and certain events could swing the market in different directions.
So Always Do Your Own Research.
In all, the opinions expressed here are solely of the authors and not a general view of the Bitcoin.ng team.