Commodity Trader Peter Brandt Says Bitcoin will Hit $50,000 High
Bayesian trader Peter Brandt has said Bitcoin is ready to see a gigantic growth, and the leading cryptocurrency would hit a new all-time high and then rise to $50,000.
The commodity trader made the assertion at the time Bitcoin first tested the $10,000 resistance level and went below the mark afterwards.
Brandt said “That is actually where my head is,” explaining further that Bitcoin fractal is already registering a massive symmetrical triangle that is quite bullish.
After Bitcoin displayed a strong weekly close, moving above $10,315 in the last few hours, analysts are of the opinion that the leading cryptocurrency is targeting the $10,500 level, and a shift above this point would make BTC go bullish. At present, a unit of Bitcoin is priced $10,257 against the US Dollar.
Nevertheless, veteran trader Peter Brandt, known for lashing XRP as a worthless crypto coin, already sees Bitcoin printing a bullish signal.
He said with the massive symmetrical triangle formed by BTC, the digital asset is poised to hit its all-time high, and then rise to $50,000.
Before now a number of crypto experts, analysts and traders have predicted that Bitcoin will rally high latest by the end of the year 2021, importantly, because of the just-concluded halving event which many tags as a bullish event for Bitcoin and the entire ecosystem.
Earlier, the propounder of the S2F model, analyst PlanB, forecasted that Bitcoin will complete its bullish cycle by reaching $288,000 latest by the end of 2024. However, he recently averred that Bitcoin is now at the same level as it was when it went bullish in the year 2017.
Digital asset manager at Capriole, Charles Edwards, also said he expected Bitcoin to hit $20,000 if banks in the United States vest 1% of their asset in the cryptocurrency as a hedge, investment or insurance.
Bitcoin critic Peter Schiff, having observed the trend of BTC since the start of the year, confirmed that Bitcoin would likely not hit its 2018 low again.
It is expected that if Bitcoin breaks above $10,500, the cryptocurrency will rally to $11K, $14K, and probably to $16K before the year runs out as many see the present trend as an exciting bull run in the making.
Morgan Creeks Digital: Bitcoin Breaking 3 Years Failing Wedge, ETH Bullish
The cross above $10,000 attracted the voice of Jason A. Williams, a partner, and co-founder at Morgan Creeks Digital.
Following the breakout, William said Bitcoin is already “breaking a 3 year [sic] falling wedge.” However, he’s yet to be able to make a forecast on where the cryptocurrency is likely heading to considering the low time preference.
Williams also commented on display registered by Ethereum in the last few hours. He asserted that Ethereum is bullish at the moment.
Earlier yesterday, Ethereum rallied past $300 resistance level to register a new high for the year 2020.
However, the impressive display by the second-largest cryptocurrency by market cap could be linked to the news that funds locked in DeFi reached a total of $4 billion. Ethereum is among the top three DeFi Platforms, hence more is expected of the cryptocurrency in the coming days.