Legendary Trader Presents Two Scenarios for Parabolic $100,000 Bitcoin Price

0
55
Bitcoin is in a long-term bull market with periods of retracement


  • Legendary trader Peter Brandt shared his bitcoin report to the public.
  • In the report, the analyst shared two scenarios that can propel bitcoin to $100,000 or even higher.
  • The trader also stressed in the report that possibilities are not certainties as there’s always a chance that his scripts don’t play out.

Peter Brandt, the most followed trader on Twitter, was feeling extra generous this week. The veteran analyst made his Bitcoin Live Crypto report available at no cost. In this particular presentation, Brandt reveals that he is long-term bullish on the top cryptocurrency. He believes that bitcoin will eventually climb to $100,000 or even possibly higher.

That’s because the number one cryptocurrency is in a historic bull trend. Brandt emphasized that bitcoin has been printing a series of higher highs and higher lows since its inception. The trader mentioned that he also believes in the fundamentals of the cryptocurrency.

Bitcoin is in a long-term bull market with periods of retracement | Source: Peter Brandt

To ascend to $100,000, the trader shares two possible scenarios. The first one involves a massive bull capitulation to $5,000 levels. The second scenario sees whales accumulating at current levels to prepare the market for a moonshot above the all-time high of $20,000.

Short-Term Bearish Scenario for Bitcoin

Sometimes, the forest must burn to the ground for new life to emerge. This appears to be the theme behind Brandt’s first script. For bitcoin to renew its bullish vigor, every bull must capitulate. The veteran trader sees this happening if the top cryptocurrency breaches its long-term uptrend support.

The veteran trader paints a picture of pain for bitcoin
The veteran trader paints a picture of pain for bitcoin | Source: Peter Brandt

According to Peter Brandt, bitcoin has violated four parabolas since 2011. The top cryptocurrency has seen a massive correction every time the parabolic line is taken out. The drop is so deep that it takes bitcoin at least 12 months to start a new bull trend.

In June, the top cryptocurrency moved below the fourth parabola. Based on the previous parabolic breakdowns, the trader sees bitcoin nosediving to $5,324. The selloff would violate the lower boundary of the ascending channel. Brandt stresses that the breach of this multi-year support would spark the capitulation of 90 percent of the bulls.

If this scenario plays out, the trader predicts a bitcoin bottom in July 2020. After that, strap in because bitcoin is likely to skyrocket.

Immediate Bullish Scenario

If you’re not a fan of the bearish plot, you might like this bullish script. Brandt says that it is also possible for bitcoin to soar in the next few months.

Immediately bullish
Brandt presents the possibility of bitcoin taking a shot at the all-time high in the coming months | Source: Peter Brandt

For this scenario to play out, the bulls must hold the lower boundary of the channel. That means we will not see a plunge to $5,324. Instead, bitcoin would trade just above the diagonal support. This would indicate that whales are accumulating positions. The accumulation would prepare the top cryptocurrency to attack the all-time high of $20,000.

Should bitcoin follow this script, Brandt expects the dominant cryptocurrency to print a new all-time high.

Invalidation of the Two Bullish Scenarios

Before you get too excited, take note that these are all possibilities and not certainties. There’s a chance that the two bullish scenarios won’t play out. According to Brandt, a move below $3,215.50 invalidates his long-term bullish narrative. In other words, the possibility of trading at $100,000 or higher becomes virtually impossible.

Regardless, 2020 sounds very exciting. It may be a good time to be a crypto investor.

Disclaimer: The above should not be considered trading advice from CCN. The writer owns bitcoin and other cryptocurrencies. He holds investment positions in the coins but does not engage in short-term or day-trading.

This article was edited by Samburaj Das.



Source link