Peter Brandt, a 72-year-old veteran technical trader that called last year’s cryptocurrency bear market, has recently noted he believes bitcoin’s price is looking to reach $100,000, and that in his 45 years of experience “no other market” went “parabolic on a log chart in this manner.”
Via the microblogging platform Twitter, Brandt noted that bitcoin is currently in its “fourth parabolic phase dating back to 2010,” and that there’s no market like that of BTC. His tweet came accompanied with figures showing BTC’s potential rise to $100,000.
Bitcoin takes aim at $100,000 target. $btcusd is experiencing its fourth parabolic phase dating back to 2010. No other market in my 45 years of trading has gone parabolic on a log chart in this manner. Bitcoin is a market like no other. pic.twitter.com/wE4j3riMgI— Peter Brandt (@PeterLBrandt) June 22, 2019
Brandt is a notably well-known trader in cryptocurrency circles, who sparked discussion in December of last year after it was brought to light that in January of 2018 he predicted bitcoin’s 80% decline to less than $4,000 per coin.
CryptoCompare data shows the veteran technical trader was right, as in January of that year bitcoin’s price started dropping from its near $20,000 all-time high, and in December it hit a $3,200 low before it started recovering.
At the time Brandt, while speaking to Yahoo Finance, revealed it wasn’t a difficult call, as other parabolic advances have typically resulted in similar crashes that can lead to a decline of up to 90%. Brandt also predicted that if BTC fell below $3,000 during Q1 2019, it would drop to $1,200.
This year, however, the cryptocurrency has been steadily recovering, and has recently crossed the $10,000 psychological resistance for the first time in well over a year. There are various factors behind the cryptocurrency’s recovery.
These include BTC’s growing hashrate, which recently hit a new all-time high, and its halvening event occurring next year, which will see block rewards on the Bitcoin blockchain drop from 12.5 BTC to 6.25 BTC per block. Binance, one of the largest cryptocurrency exchanges, is also launching a U.S.-only platform, which could mean traders from the country are dumping altcoins for BTC in anticipation.
Back in December, Brandt noted BTC could still see a new all-time high this year if it survived the downtrend. It’s clear the cryptocurrency has now recovered, which means his predictions are so far holding up. Earlier, he also claimed during the bear market that during that stage “weak money capitulates and strong hands accumulate strategically.”
When ask about these “strong hands,” he noted he knew investors were indeed buying up BTC while keeping hedged positions.