The bulls are getting more bullish every day it seems. Peter Brandt, a well-known trader, has been telling the media that $50,000 is a possibility for BTC, even if it is hovering just over $5,000 today.
However, even Brandt urges investors to be patient and acknowledges that bitcoin won’t reach these heights overnight. Brandt expects that it will achieve this level over the next two-to-three years based on historical patterns and we are seeing previous patterns re-emerge.
There have been many theories and predictions about bitcoin since the beginning of April, but CCN believes Brandt is worth taking seriously. It says, “Unlike much of the other analysis, Brandt presciently called bitcoin’s 2018 destiny in which the leading cryptocurrency shed more than 80% of its value.”
Brandt told Yahoo Finance: ““We saw sequential 10 up and down moves in the bear market, and we’ve almost identically formed that same sort of pattern. After the 2015 low in bitcoin, we saw the market then developed into a parabolic advance. Based on those analog studies, I think crypto now will go back into a parabolic bull market.”
Brandt also commented, “When bitcoin starts moving, it moves. It doesn’t hold up for everybody to catch a stagecoach,” and he apparently expects BTC to leave its previous high of $20,000 ‘in the dust.”
Brandt doesn’t believe there is one specific trigger behind the recent surge; he thinks it is simply a case of “basic underlying demand for the coins themselves.” He also believes that the rally is due to more buyers and that those buyers are in more of a hurry to get their BTC than in the past.