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Legendary Analyst Says Bitcoin (BTC) Narrative Suggests $100,000 in Sight – But Top Crypto May Have to Act Fast

by Daily Hodl Staff
May 4, 2020
in Bitcoin
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A closely-followed technical trader says Bitcoin’s fundamentals suggest the leading cryptocurrency appears poised to rally to as high as $100,000.

Peter Brandt, a veteran analyst who is well-known in crypto circles for calling the top of BTC’s big rally to $20,000, tells Real Vision’s Raoul Pal that Bitcoin’s story and purpose has him feeling like a bull. But there’s a catch.

At its current price of about $8,850, Bitcoin has bounced back to where it was before the March 12th crash, when it plummeted to $4,183. But Brandt says he’s looking to see whether BTC can begin a new rally that shows it may once again test its all-time highs.

“The Bitcoin narrative makes sense to me. It makes me want to say Bitcoin is going to the moon – $50,000 Bitcoin, $100,000 Bitcoin. But boy, is there a big caveat to that.

The caveat to me is that Bitcoin right now has every reason in the world to go up. Its monetary supply. [The current] global uncertainty. It’s a strong gold market. It’s a weak stock market. My goodness, if Bitcoin can’t go up with what we have as a backdrop now, part of me as a technician wants to look for the shadows in the dark alleyway.”

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Brandt says he’s ready to change his position on Bitcoin – or any asset – at a moment’s notice. He believes traders should be nimble and ready to ditch an outlook when new information comes to light.

“There’s a lot of people that criticize both you and I because we periodically change our mind on a necessity. We look at a market and we formulate an idea.

You think a lot like I think, Raoul, which is ‘strong opinions weakly held.’ When we have opinions, we have strong opinions. It’s necessary to have strong opinions so we can carry a large enough position that if we’re right it becomes meaningful. But when presented with new information we have to reappraise.”

Brandt says he thinks BTC may be an all-or-nothing proposition. He expects Bitcoin to either begin a new parabolic rise to all-time highs or go to zero.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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