Peter Brandt just became bullish and thinks that Bitcoin (BTC) could go as high as $50,000.
In a recent tweet that went viral in the crypto community, he explained how BTC could have entered a new “parabolic phase.”
— Peter Brandt (@PeterLBrandt) April 5, 2019
Brandt, a 40 years trading veteran who has written many books about technical analysis, believes the recent move in Bitcoin’s market valuation could have marked the bottom.
“The advance this past week decisively completed an ascending triangle bottom. The hard work of catching the major turn might be over – now is the time to be patient in allowing this new bull trend to fully develop.”
The author of “The Diary of a Professional Commodities Trader” confessed to have a big portion of his holdings in Bitcoin, which he plans to increase.
“The Factor Long-Term BTC program is approximately 61% committed (with all holdings in BTC). I still have assets to allocate – 22% of which was for scale down buying and 17% for the Long Term Trend Model. I am now willing to give up on the scale down idea and will allocate these funds to be invested based on classical charting principles.”
Peter Brandt: Another massive parabolic advance will occur.
Mr. Brandt, one of the 30 most influential people in the world of finance according to Barry Ritholtz’ “The Big Picture“, has been hitting the nail on the head with his price predictions. After an outrageous move to $20,000, he anticipated in early 2018 that BTC was going to go back beneath $4,000.
General TA rule — violation of parabolic advance leads to 80%+ decline in value. If general rule is followed, BTC should retrace to <$4,000. Note: This Tweet does not make me a hater. pic.twitter.com/jDNI1osinU
— Peter Brandt (@PeterLBrandt) January 22, 2018
Now Mr. Brandt believes that Bitcoin could pull back to around $3,150 before the next bull run gets triggered, which is a similar scenario to what happened from 2013 to 2015.
“My longer term outlook is that whether from the Dec 2018 low or a retest of the same, another massive parabolic advance will occur, taking BTC to $50,000 in the years ahead.”
— Peter Brandt (@PeterLBrandt) April 6, 2019
It is possible that Peter Brandt could be about to hit another home-run with his recent prediction and big players like Trace Mayer have come out to support the idea even stating that, “If history and future rhyme then perhaps 2021 will be a wild year with $100,000 to $250,000 Bitcoin in cards.”
Crypto-spring started with @TIPMayerMultple now above 1.0? If history & future rhyme then perhaps 2021 will be wild year with $100-250k $BTC in cards? Thoughts? ? @TuurDemeester @ToneVays @APompliano pic.twitter.com/aS7mJKPhjb
— Trace Mayer (@TraceMayer) April 6, 2019
Other known traders in the crypto community such as Tyler Jenks and Tone Vays believe that at this point in time “sub $3,000 prices are more likely than above $10,000 prices.” Whoever is right, we can conclude that we are closer to the bottom than ever, and it’ll be wiser to go long at this point than to try to short the market.