Bitcoin Price to Hit $50,000 Within Two Years, Says Trader Peter Brandt

[Magician]

In the cryptocurrency world, all eyes are usually turned to the current price of Bitcoin. The ups and downs of the world’s foremost virtual currency indicate how the entire marketplace is moving After months of stability, the value of BTC shot up overnight recently, and the coin continues to stay atop the $5,000 level. One technical trader is now predicting a $50,000 Bitcoin price within two years.

Positive Bitcoin Price Prediction

71-year-old Peter Brandt has seen more trends and market movements than most of us can comprehend over the course of his trading career. He accurately predicted the fall of Bitcoin in 2018 from its all-time high of nearly $20,000 in late 2017.

https://twitter.com/PeterLBrandt/status/1114150288007421952

Brandt has issued a prediction following the recent surge in BTC’s value, saying:

I believe that charts reflect underlying supply and demand fundamentals and that’s how we have to look at it. What’s happened from December of 2017 to 2018 is really an analog to what happened in the 2013 to 2015 bear market, where we saw sequential 10 up-and-down moves in the bear market and we’ve almost identically formed that same sort of pattern.

One reason that Brandt points out for believing that this rally is the precursor to far greater things is the parabolic advance taken by Bitcoin after hitting a low in 2015. He states:

I think the analogs are holding remarkably well and based on those analog studies, I think cryptos now will go back into a parabolic bull market. 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.

Other Analysts Agree

Brandt is not alone in thinking this will be a good year for Bitcoin. Analysts at Fundstrat Global Advisors recently informed their clients of improvements in the fundamentals of BTC. The analysts went on to say:

We see fewer reasons to question the recent recovery [in] Bitcoin prices—the best quarter since 2017. While the key technical price hurdle is BTC closing above its 200D (currently ~$4,600 and falling by $15 per day), we see 2019 as positive risk/reward.

Overall, this is very encouraging news. Many of those currently hodling would be ecstatic to see a $50,000 Bitcoin price within the next couple of years.

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