Bitcoin Price Predicted to Go to $50,000 by Trading Guru Peter Brandt (but Don’t Get Too Excited)

Peter Brandt has shared his latest take on the Bitcoin (BTC) price, predicting that it has a 50 percent chance of shooting up to as high as $50,000.

I feel Crypto is always better than gold. #Bitcoin is up over 75% since it bottom on March 12. Many #Altcoins also have big gains.https://t.co/SHOgdH1472

— Quantify Crypto (@Quantify_Crypto) April 17, 2020

However, this price target is not set in stone since there appears to be the same possibility that the orange coin ends up being just ‘another pet rock or Beanie Baby.’

The tired comparison

Bitcoin has been likened to Beanie Babies by everyone and their mother — from permabears in the likes of Peter Schiff to “Last Week Tonight” host John Oliver.        

These chic toys are the ultimate fads of the dotcom bubble in the 1990s. During the peak of the craze, some people were willing to fork out their life savings to buy exclusive items that were nothing but stuffed animals. One Beanie Baby was sold for as much as $15,000.  

Whether you believe in the future or Bitcoin (BTC) or not, comparing a decentralized cryptocurrency to a toy bubble might be a bit of a stretch. Besides, there are some exclusive Beanie Babies that will now set you back more than $500,000.

Can Bitcoin go to zero?

As of recently, Brandt has been sending mixed signals about Bitcoin. The prominent chartist who predicted that BTC could conquer $100,000 this year rapidly changed his tune after the March crash. 

Following the events of “Black Thursday,” when BTC erased 50 percent of its value, Brandt tweeted that it was more likely to go to zero.  

Moreover, he recently argued that the much-anticipated May was highly overrated.