Peter Brandt, a highly experienced and respected figure in the world of trading and market analysis known in the cryptocurrency space for accurately predicting Bitcoin’s 84% decline in 2018, has revealed he sees $BTC surging toward the $80,000 mark in the near future.
In a post Brandt recently shared on the microblogging platform X (formerly known as Twitter), the cryptocurrency analyst noted that the “same basic pattern” appears in every Bitcoin bull market where BTC’s price drops sharply after hitting a resistance level before bouncing back.
Brandt’s chart suggests Bitcoin’s price could drop to a low just under the $60,000 mark this cycle before it actually recovers.
Brandt further casts doubt on the likelihood of a traditional altcoin season, a period where altcoins (alternative cryptocurrencies) experience significant price gains following a Bitcoin rally.
He suggests that the strength of Bitcoin and the rising Bitcoin dominance chart could prevent this from happening. Bitcoin dominance measures the market share of Bitcoin in the cryptocurrency space, with rising dominance suggesting Bitcoin is outperforming the wider market.
Other analysts have suggested that as various investors are now gaining exposure to Bitcoin through spot exchange-traded funds (ETFs) on regulated exchanges, there “is no path for that money to flow into altcoins” on exchanges.
Earlier this year, as CryptoGlobe reported, Brandt suggested that the price of Bitcoin could explode upward to touch the $200,000 mark by August or September of next year.
Brandt is well-known in the cryptocurrency space for accurately calling bitcoin’s 84% decline in 2018 to less than $4,000 per coin. CryptoCompare data shows the veteran technical trader was right, as in January of that year BTC’s price started dropping from its near $20,000 high, and in December it hit a $3,200 low before it started recovering.
At the time Brandt, while speaking to Yahoo Finance, revealed it wasn’t a difficult call, as other parabolic advances have typically resulted in similar crashes that can lead to a decline of up to 90%. Brandt also predicted that if BTC fell below $3,000 during Q1 2019, it would drop to $1,200. BTC did not drop below $3,000 that year, and actually went on to recover make new highs in 2021.
Featured image via Unsplash.
