A new bullish Bitcoin forecast has been just revealed. Check out the latest news about the price of Bitcoin.
Trading veteran Peter Brandt predicts a massive Bitcoin bullish move this year. In a new interview on Real Vision Finance, Brandt said that Bitcoin could boost its price by 260% from its current price.
Similar price moves as 2017
The analyst said that the current logarithmic charts look like they did during the 2017 bull market.
“I think we’re in that midpoint pause where in 2017 Bitcoin swirled around for a month or two before we saw the final move up, and you’ll note that the midpoint in the 2015 to 2017 bull market was at about one-half or 60% of the total move. If that’s true, that points to the type of price level… That $200,000 plus is where this market would take it if this chart interpretation is correct,” he said.
Brandt also said that Bitcoin’s price action is unprecedented, and he added that anyone who is paying attention to the asset’s meteoric rise is witnessing history in the making.
“If somebody would’ve told me that there would be a market during my lifetime that would not only experience a parabolic advance but experience four parabolic advances, not just on an arithmetic scale but on a log scale, I would’ve bet my life against it. This is just unbelievable,” he said.
He continued and said that “People get caught up in the daily motion and the daily moment of Bitcoin without realizing we’re seeing a market advance unlike anything we’ve really seen before. To have four parabolic advances on a log scale in the course of a ten-year period is just unheard of. I would challenge anybody to find a price chart of any asset or any commodity that has gone through this.”
At the moment of writing this article, BTC is trading in the green and the king coin is priced at $55,902.39.