It seems that the cryptocurrency market is getting prepared for a new bull market in the near future. Although Bitcoin (BTC) is far from its all-time high close to $20,000, the most popular digital asset could start growing once again and reach a new all-time high as soon as in 2021. Peter Brandt, a recognized trader and analyst, talked with Yahoo Finance about the digital asset and how it could be headed towards a range of $50,000 $72,000 by 2021.
During the last few weeks, Bitcoin has shown a positive behaviour that allowed the digital currency to move from $4,000 to over $5,000. This is something very positive for the digital asset that has been in a bear trend since January 2018.
Mr. Brandt, who is also the founder of Factor Research and Trading, explained that charts reflect the underlying supply and demand fundamentals. He said that the bear market between December 2017 and December 2018 is an analogue to what happened in 2013 to 2015. At that time, he showed that there were 10 up-and-down moves that have now formed a similar pattern.
On Twitter, Mr. Brandt wrote that Bitcoin is currently entering a new parabolic phase and that he would not be surprised about it. However, he leaves the question open on whether there will be just a simple or double bottom at $3,200.
— Peter Brandt (@PeterLBrandt) April 5, 2019
About Bitcoin’s future, Brandt commented:
“I think the analogues are holding remarkably well and based on those analogue studies, I think cryptos now will go back into a parabolic bull market. The only question I have is do we rally here some and then sometime in late summer check the late 2018 lows or not? There is a chance that it does, there is a chance that it doesn’t.”
It is worth mentioning that Bitcoin will be halving as soon as in May 2020. That means that the new issuance of Bitcoin will be reduced from 12.5 BTC to 6.25 BTC per block. With a larger demand from investors, both institutions and smaller buyers, the price should react more positively and strongly.
— Peter Brandt (@PeterLBrandt) April 6, 2019
He also relayed the message on other crypto news outlets that Bitcoin's rebound bounce back rebound potential has great odds of going to new all time highs with a $50K to $72K BTC/USD range based on chart analysis and past cycle examinations.
Moreover, Thomas Lee, Fundstrat Global Advisors co-founder, explained that Bitcoin has already started a new bullish trend. During an interview with Bloomberg, he said that the sentiment in the space has changed during the last weeks.
At the time of writing, Bitcoin has registered a price increase of 2.6%. Now, each Bitcoin can be purchased for $5,150 and it has a market capitalization of over $90 billion. Make sure to read all of our updated bitcoin price predictions to see where the future of BTC is going.
Live Bitcoin (BTC) Price:
1 BTC/USD =$9,554.7194 change ~ -0.11%