Bitcoin (BTC) is about halfway through its current bull market, which originated around the March 2020 price low, according to Peter Brandt, a veteran analyst and investor who's been following commodity markets for more than four decades and serves as CEO of Factor LLC, which he founded in 1980. He's been given credit for correctly predicting bitcoin's steep price correction in 2018.
In an interview on CoinDesk TV, Brandt, a well-known author on interpreting chart patterns, explained the long-term BTC bull market remains intact. His technical analysis suggests BTC could continue to rally, albeit with corrections along the way.
- Brandt expects bitcoin to reach $180,000 to $200,000 by Q3 or Q4 based on its long-term trend channel.
- "I keep my eye on the broader picture. Bitcoin over the past 10 to 11 years, you get these big rallies that accelerate two to three years, and then you get a big correction," said Brandt.
- Bitcoin is currently moving along its fourth parabolic advance on the weekly log-scale chart.
- The parabolic advance provides an anchor to BTC price from the March 2020 low.
- However, Brandt cautioned against the recent wave of exuberance on social media. "We're in for trouble," Brandt said, when people start "having laser-eyes on their Twitter feed."
- "Bitcoin is taking the role of store of wealth and medium of exchange. It's a binary bet. It will be be the best of what people really want it to become, or it will become nothing."
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