Even though the cryptocurrency market has seen a marked recovery during the past few weeks, some traders are suggesting that this is just a drop in the ocean compared to future gains.
Brandt says technical charts reveal Bitcoin headed towards $50,000 price point
For example, the technical trader och founder of Factor Research and Trading, Peter Brandt, recently spoke with Yahoo Finance and revealed that he expects the price of Bitcoin to reach dizzying heights of around $50,000.
However, bullish cryptocurrency predictions are nothing special. Nevertheless, Brandt’s predictions are actually worth taking quite serious, as he previously predicted the 84% drop in the price of Bitcoin seen last year.
With that being said, Brandt has now shifted his position from bearish to extremely bullish. According to Brandt, examining technical charts can reveal the ”underlying supply and demand fundamentals” of Bitcoin, which is how he predicted the fall in the price of Bitcoin.
Now, these charts are painting a decidedly more optimistic picture, with Brandt suggesting that Bitcoin is about to launch into a new price rally. This comes as some observers are heralding the end of the ”crypto winter.”
Brandt, who is a seasoned 71-year-old technical trading, is drawing parallels between his predicted price rally and that of Bitcoin’s rise following a 2015 low. If his prediction holds true, that would represent a roughly 10x gain compared to the current Bitcoin price of around $5,129.
”I think the analogs are holding remarkably well and based on those analog studies, I think cryptos will now go back into a parabolic bull market,” Brand stated.
”The only question I have is do we rally here some and then sometime in late summer check the late 2018 lows or not? There is a chance that it does, there’s a chance that it doesn’t.”
FOMO driving increased urgency as the crypto winter appears to be thawing
Nonetheless, Brandt suggested that Bitcoin will – regardless of short term performance – rise towards a $50,000 price point in the coming two years. He also predicted that urgency is growing among traders, as they do not want to miss out on price increases.
Brandt noted this FOMO effect, highlighting that traders would want to buy Bitcoin sooner rather than later:
”When Bitcoin starts moving, it moves. It doesn’t hold up for everybody to catch a stagecoach.”
Furthermore, it should be added that Brandt is far from the only observer making bullish Bitcoin recently. Fundstrat Global Advisors recently issued a note to clients, which stressed the ”improving underlying fundamental improvements” in Bitcoin.
Moreover, Fundstrat’s Tom Lee noted that Bitcoin is reentering a bullish trend, and recently told CNBC that Bitcoin’s ”fair market value” is now $14,000.
Image Source: “Flickr”
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.