A strategist who called Bitcoin’s crash in January of 2018 says he believes investing in Bitcoin is now a no-brainer with enormous upside for smart traders.
Peter Brandt told BLOCKTV Bitcoin has a 50% chance of total failure and a 50% chance of entering a new parabolic rise that could bring the price of BTC from $50,000 to $300,000.
“I think we’re going to $50,000 but I don’t know when. Here’s how I look at it: I’m a gambler. And I don’t know anything about [Bitcoin]. But I don’t have to know anything about football to bet on the New England Patriots. I could be a rugby player and bet on that.
And so I look at Bitcoin and I say there’s a 50% chance it goes to 0 – it becomes worthless – that the whole narrative is a big scam. But there’s a 50% chance we could go parabolic again. And if we go parabolic again, we can go up to $300,000. So, it’s a no-brain decision from a trader’s point-of-view because it’s an asymmetrical trade. It’s a trade that if I manage the trade correctly, I have relatively low downside risk. But if I manage it correctly, I could have enormous upside potential.”
Right now, Bitcoin is down 2.52% at $7,773 according to Coin360. Ethereum is down 4.01% at $245.43 and XRP is down 5.3% at $0.3897.
CoinDesk analyst Omkar Godbole says Bitcoin’s quick recovery from $6,178 has BTC now targeting a short term rise to $8,500.
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