Peter Brandt, a cryptocurrency analyst who predicted Bitcoin’s plunge in January 2018, took to Twitter to point out that Bitcoin has recently been performing better than the previous bull run between 2015 and 2017. He added that Bitcoin (BTC) would have to dip below $8997 to reverse the trend and show a bearish reversal. Brandt’s analysis suggests that Bitcoin’s bullish run will continue throughout 2019.
Bitcoin’s Bullish Run to Continue
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
According to Brandt, Bitcoin is in its fourth parabolic phase since 2010. He added that, in his 45 years of trading, no other market showed parabolic growth on a logarithmic chart in this manner. He said that Bitcoin will likely reach his target of $100,000.
In an earlier interview, Brandt said that the parabolic move in 2013 was ‘magnificent’ because such moves only happen once in a decade. He explained that after the parabolic advance was broken, the market began correcting itself in 2015. However, the market entered into another parabolic move, which topped off towards the end of 2017. The entirety of 2018 represented yet another correctional phase for the cryptocurrency. Given that two parabolic events within a few years is unheard of, Brandt believes that “Bitcoin is a market like no other.”
Brandt concluded by pointing out that the weekly chart average turned positive about four weeks ago. He noted that the last time this happened in early 2015, Bitcoin’s price went from $350 to $19,900. According to him, the same situation is happening now and an upturn will possibly manifest itself in the long term trend.
Bitcoin Prices Fall After the US-China Trade War Eases
Bitcoin’s price retracted from its weekly high of over $12,000, likely due to the easing of tensions in the US-China trade war, or possibly even a Chinese Ponzi scheme. BTC dropped by around 10 percent to $9800. Anthony Pompliano, the co-founder of Morgan Creek Digital, said that even if BTC’s price fell by 50 percent at this point, the digital currency would still be outperforming the S&P 500 index in 2019.
Altcoins such as Ethereum, Ripple’s XRP and Litecoin all dropped over 10 percent as well, cumulatively wiping around $20 billion from the total value of all cryptocurrencies. Many analysts have blamed the drop on the improving Chinese economy and yuan. The recent economic data from China, Germany and the UK’s looming exit from the EU have all added uncertainty to equity and cryptocurrency markets.
Peter Schiff, CEO of Euro Pacific Capital Group, claimed that people are selling their cryptocurrency for fiat. He added that since trade tensions with China have eased, the pressure on yuan holders is off. People who bought Bitcoin as a safe haven asset are now cashing out in light of these events.
Do you think Bitcoin’s price will scale a new all-time-high by the end of 2019? Let us know your thoughts in the comments below.
Buy and trade cryptocurrencies with a 100x multiplier on our partner exchange, StormGain.
Images are courtesy of Shutterstock, Twitter, YouTube.