A closely followed tech trader says Bitcoin’s fundamentals suggest that the leading cryptocurrency appears poised to rise to as much as $ 100,000.
Peter Brandt, an experienced analyst known in crypto circles for pushing the top of BTC’s big rally to $ 20,000, says Raoul Pal of Real Vision, according to Bitcoin’s story and purpose, he feels like a bull. But there is a caveat.
With its current price of around $ 8,850, Bitcoin has returned to where it was before the March 12 crash, when it plummeted to $ 4,183. But Brandt says he’s looking to see if BTC can start a new rally showing that it can test its highest points ever again.
“The Bitcoin story makes sense to me. I want to say that Bitcoin is going to the moon – $ 50,000 Bitcoin, $ 100,000 Bitcoin. But boy, is there a big caveat to that.
The caveat for me is that at this point Bitcoin has every reason in the world to go up. The money supply. [The current] global uncertainty. It is a strong gold market. It is a weak stock market. My god, if Bitcoin can’t get along with what we have as a background now, part of me as a technician wants to look for the shadows in the dark alley. “
Brandt says he’s ready to change his position on Bitcoin – or any item – in an instant. He believes that traders should be agile and ready to ignore their prospects when new information comes to light.
“There are many people who criticize both you and me for changing our minds from time to time. We look at a market and we formulate an idea.
You think a lot as I think, Raoul, which is “strong opinions are weak.” When we have opinions, we have strong opinions. It is necessary to have a strong opinion so that we can take a position large enough to make sense if we are right. But if we get new information, we have to reevaluate. ‘
Brandt says he thinks BTC is an all-or-nothing proposition. He expects Bitcoin to either start a new parabolic surge to the all-time highs or go to zero.