Crypto Analyst Peter Brandt came onto to BitcoinLive with his latest prediction. He claims that BTC price could reach it’s all-time high i.e. $100,000 or above. He further explains his claim saying that if bitcoin is able to break out from the current bear channel, the BTC prediction seems likely.
In his latest video titled, “$100,000 ahead… but when and how?”, Peter Brandt has explained his concerns on when Bitcoin will reach this all-time high.
“I believe in the long-term narrative of Bitcoin and that Bitcoin is indeed going to $100,000 if not substantially more,”
says Peter. The crypto analyst shared a chart showing bitcoin is close to the bottom of a multi-year channel, and the current bear channel in which is bitcoin is since June 2019 would eventually help the bitcoin market to move higher. As of now, Bitcoin is trapped in a descending parallel channel on its weekly chart. According to Brandt, an upside break from this channel would confirm that the next bull phase is upon us.
However, Peter has his concerns regarding the current bearish BTC trend. He feels that $3200 is a breaking point of Bitcoin. If the price falls down further than this, BTC will be history. He quotes:
“It’s at that point that I would capitulate. Should we violate this level decisively, I would come to the conclusion that Bitcoin’s story is over and it’s done with.”
He further believes Bitcoin will see its bottom in July 2020. But the price won’t reach 0 as some buyers might still favor Bitcoin over Altcoins.
BTC Price Today:
Bitcoin is currently trading at $7,495.34 in a bearish zone with a 0.22% plunge. There are less than 2 million BTC in circulation and the upcoming Bitcoin Halving would affect the circulation further.