Bitcoin Price Prediction: BTC Could Surge To $50k
Optimistic Bitcoin-related predictions keep coming these days.
Crypto analysts are claiming a really bright future for Bitcoin despite the recent crypto’s fall.
Peter Brandt foresees BTC hitting $50k
They reportedly see a lot of triangles these days and during the past month, BTC broke down for a descending triangle that was identified by some analysts.
These include veteran technical trader Peter Brandt.
This reportedly brought the price of BTC from $10,116 to a low of $7,869 in a matter of days, according to data from the price aggregator CoinMarketCap.
According to the latest reports coming from the Daily Hodl, crypto analyst Dan Gambardello said that BTC may be in a giant symmetrical triangle that is dating back to the middle of 2017.
According to the online publication, “The top of the trendline is Bitcoin’s all-time high at around $20,000, followed by its recent high of nearly $14,000. The bottom trendline starts all the way back in mid-2017, when the price of the leading cryptocurrency was just over $2,000.”
I don’t necessarily think this symmetrical triangle will play out
However, if it does, it would be the most epic continuation pattern with a breakout target to $50k+ pic.twitter.com/dnGEMWFpnj
— Crypto Capital Venture ⚡ (@cryptorecruitr) October 9, 2019
If the triangle is confirmed, Gambardello says BTC would target at least $50,000.
“I don’t necessarily think this symmetrical triangle will play out. However, if it does, it would be the most epic continuation pattern with a breakout target to $50k+”
Bitcoin to reach $1 million
Bitcoin is said to get to higher levels as well. For instance, during an interview with Preston Pysh, who is the host of the We Study Billionaires podcast, Mayer has a mind-blowing BTC price prediction and says that BTC could reach a massive figure of $1 million.
“We’re in the Information Age now. Stuff can happen like that. We could wake up tomorrow, and Bitcoin could be a million dollars a coin,” he said.
At the moment of writing this article, Bitcoin is trading in the red on CMC and the most important digital asset in the crypto space is priced at $8,374.41.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.