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The Bitcoin price hasn’t fared too well over the past week; after hitting $10,000 last weekend, the BTC price of the leading cryptocurrency fell, tumbling from that key psychological resistance to a price as low as $8,450 (TradingView data) – a drop of 15%.
While there are a number of analysts hinting that this retracement is a precursor to a deeper correction, a growing number of commentators claim that Bitcoin (BTC) is on the verge of rallying 100% (or more) towards the previous all-time high of $20,000.
What’s even more interesting about these Bitcoin predictions is that a few traders expect such price action to transpire over a couple of months, not the years it took BTC to move out of a bull market in 2014-2015.
Could Bitcoin Really Hit $18,000 In the Coming Months?
Despite the fear floating around the crypto industry at the moment due to last week’s severe correction, Polar Hunt recently shared his analysis.
The analysis, which attempts to compare the price action between the market structure in 2014-2016 to the market structure, suggests that Bitcoin is currently “holding up nicely” against the previous market cycle.
BTC following the previous market cycle to T, per Polar Hunt’s charts, will mean the asset surging to $18,000 – a gain of over 100% from the current price of $8,550 – by the time of the block reward reduction in May 2020.
Veteran Trader Who Predicted Bitcoin (BTC) Rise to $100,000 Issues Painful Update to Cryptocurrency Investors
A veteran technical trader who was immortalized in the world of crypto for calling the top of Bitcoin’s last parabolic cycle is updating his views on the leading cryptocurrency.
In June of last year, Peter Brandt said BTC appeared to be at the start of a fourth parabolic phase, taking aim at $100,000.
“Bitcoin takes aim at $100,000 target. BTC/USD is experiencing its fourth parabolic phase dating back to 2010. No other market in my 45 years of trading has gone parabolic on a log chart in this manner. Bitcoin is a market like no other.”
As its price continued to rise in February, he said Bitcoin’s strong start to the year suggested an even larger moonshot could play out through 2021.
Since then, BTC has aggressively retraced from a high of $10,421 on February 12th to its current price of $8,669 at time of publishing.
Amid the downturn, Brandt says he still has a positive outlook on BTC – but the significant correction shows the painful truth: Bitcoin has yet to prove it’s on a parabolic path.
“I am constructive on BTC, but let’s look at facts. BTC has been in bear market for 26 months — not exactly a bull trend”
“I receive a ton of criticism, sarcasm and trolling because I change my mind on markets. Just to let you trolls know, I take my willingness and ability to change my mind quickly as a point of survival and pride as a trader.”
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
Here are the stages an investor goes through in a liquidating market1. It’s a great stock. I believe in it2. I will buy more if it goes down more3. I will get out if I can break even4. I will get out if my loss is reduced
5. My opinion of the stock doesn’t matter. Let me out
— Peter Brandt (@PeterLBrandt) February 28, 2020
This is also holding up nicely and shows how this particular part of the marketcycle is “sideways” and therefor both hard to buy and hard to hold.
Im writing these posts to show you, but also to remind my self not sell any. I actually added to my stack this Friday. pic.twitter.com/VIG2a6OZ8q
— Polar Hunt (@polar_hunt) March 1, 2020
Here’s Why Bitcoin Could Rally 100% to $18,000 by the 2020 Halving
https://www.tradingview.com/chart/XBTUSD/Noakp7n5-Why-I-believe-Bitcoin-will-retest-All-Time-Highs-by-July-1-2020/
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