Peter Brandt has been a veteran commodity trader since 1980. After calling an 80 percent retracement for Bitcoin (BTC) in 2018, he is now feeling increasingly bullish and says we may be in for another parabolic push.
If you don’t know Peter Brandt, you should. As one of the original classical commodity traders applying his expertise to Bitcoin, he is well-known for accurately forecasting the cryptocurrency bear market last year.
His predictions then were met with scorn and ridicule from moonboys who could not grasp the fact that market cycles exist. However, according to Brandt, we are now out of the thick of the bear market and the prospects for the future look bright for Bitcoin.
Graphing the Bitcoin market cycles since 2014, Brandt is now asserting that it would not be surprising to see leading cryptocurrencies entering another parabolic phase. Such an increase would be in line with Bitcoin’s upcoming halving in 2020 which many analysts expect to push the price further upward.
— Peter Brandt (@PeterLBrandt) April 5, 2019
Brandt has set a target price for Bitcoin of $50,000 in the next two years. What occurred in the markets from December 2017 to 2018 is quite similar to what occurred from 2013 to 2015. Because of these identical patterns, Brandt is quite confident that a parabolic bull market is forthcoming.
However, before such a retest, we may also be in for one last retrace. In a tweet made today, Brandt was mulling over whether or not Bitcoin would continue to follow the 2013-2015 market movement and retest a low before continuing on its parabolic trajectory.
All the fundamentals are lining up for BTC to finish 2019 strong and enter 2020 with bullish momentum. The fact that Brandt, one of the most prominent bears during 2018, is now seeing a positive forecast for the next few years bodes well for the future of the cryptocurrency market.
Do you agree with Brandt’s assessment? Do you think we are in for another retracement before Bitcoin enters another parabolic phase? Let us know your thoughts in the comments below.
Images courtesy of Twitter.