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.”
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.