Peter Brandt, the most followed trader on Twitter, was feeling extra generous this week. The veteran analyst made his Bitcoin Live Crypto report available at no cost. In this particular presentation, Brandt reveals that he is long-term bullish on the top cryptocurrency. He believes that bitcoin will eventually climb to $100,000 or even possibly higher.
That’s because the number one cryptocurrency is in a historic bull trend. Brandt emphasized that bitcoin has been printing a series of higher highs and higher lows since its inception. The trader mentioned that he also believes in the fundamentals of the cryptocurrency.
To ascend to $100,000, the trader shares two possible scenarios. The first one involves a massive bull capitulation to $5,000 levels. The second scenario sees whales accumulating at current levels to prepare the market for a moonshot above the all-time high of $20,000.
Sometimes, the forest must burn to the ground for new life to emerge. This appears to be the theme behind Brandt’s first script. For bitcoin to renew its bullish vigor, every bull must capitulate. The veteran trader sees this happening if the top cryptocurrency breaches its long-term uptrend support.
According to Peter Brandt, bitcoin has violated four parabolas since 2011. The top cryptocurrency has seen a massive correction every time the parabolic line is taken out. The drop is so deep that it takes bitcoin at least 12 months to start a new bull trend.
In June, the top cryptocurrency moved below the fourth parabola. Based on the previous parabolic breakdowns, the trader sees bitcoin nosediving to $5,324. The selloff would violate the lower boundary of the ascending channel. Brandt stresses that the breach of this multi-year support would spark the capitulation of 90 percent of the bulls.
If this scenario plays out, the trader predicts a bitcoin bottom in July 2020. After that, strap in because bitcoin is likely to skyrocket.
If you’re not a fan of the bearish plot, you might like this bullish script. Brandt says that it is also possible for bitcoin to soar in the next few months.
For this scenario to play out, the bulls must hold the lower boundary of the channel. That means we will not see a plunge to $5,324. Instead, bitcoin would trade just above the diagonal support. This would indicate that whales are accumulating positions. The accumulation would prepare the top cryptocurrency to attack the all-time high of $20,000.
Should bitcoin follow this script, Brandt expects the dominant cryptocurrency to print a new all-time high.
Before you get too excited, take note that these are all possibilities and not certainties. There’s a chance that the two bullish scenarios won’t play out. According to Brandt, a move below $3,215.50 invalidates his long-term bullish narrative. In other words, the possibility of trading at $100,000 or higher becomes virtually impossible.
Regardless, 2020 sounds very exciting. It may be a good time to be a crypto investor.
Disclaimer: The above should not be considered trading advice from CCN.com. The writer owns bitcoin and other cryptocurrencies. He holds investment positions in the coins but does not engage in short-term or day-trading.
Last modified: June 14, 2020 9:53 AM UTC