Peter Brandt, a veteran commodity trader since 1980, has made another prediction on Bitcoin’s explosive rise in the past few days. He remains bullish but notes that there may be a rocky road ahead.
Peter Brandt has been a trader since the 1980s, but he has become especially popular in the last few years for charting Bitcoin (BTC). He received significant hate in 2018 for predicting the bottom of the bear market, a prediction which has since been vindicated. After being bearish for over a year, Brandt is now making bullish calls for the first time in what feels like forever.
Last month, Brandt made a few bullish calls which sent the cryptocurrency world buzzing. One of these tweets was a chart which showed Brandt’s belief that Bitcoin would soon go parabolic.
SponsoredEither from Dec '18 low or from retest of same (circa analog dbl bottom in 2015) it would not surprise me if $BTC enters a new parabolic phase. $btcusd pic.twitter.com/XV89Qz7P4n
— Peter Brandt (@PeterLBrandt) April 5, 2019
Brandt has now come out with a new prediction. He claims in a new chart that we are exiting the chasm which existed between November 2018 and now. The consolidation in April has resulted in the rally we have seen over the past few days. Brandt does not make any real calls on where this will go moving forward. However, it seems clear that this will either continue to ‘lift-off’ or will need to ‘blow-off’ a bit.
Blow-off or lift-off. pic.twitter.com/Ot8LbgMn3I
— Peter Brandt (@PeterLBrandt) May 11, 2019
Overall, Brandt has set a target price for Bitcoin of $50,000 in the next two years. It’s unclear whether he still believes that prediction, but it seems that the fundamentals of Bitcoin are lining up perfectly for the next bull market. However, the sudden rise should make us all cautious.
Do you believe we are due for a blow-off or a further lift-off? Let us know your thoughts in the comments below.
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