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The crypto market has been experiencing a price bloodbath from last year and it has lost more than 80% since its peak in 2017. The largest cryptocurrencies by market cap (i.e. Bitcoin, Ethereum, Ripple, Litecoin, etc.) have experienced a sharp decline in their market cap and their market price.
Bitcoin was a major loser with 84% decline in its price from an all-time high of around $18K. Surprisingly, Peter Brandt, a 71-year-old trading veteran and founder of Factor Research and Trading, has predicted Bitcoin’s plunge decline back in January of last year. Recently, he went all out and revealed a new price target for Bitcoin in the next two years, a whooping $50,000.
After falling to the bottom of around $3,000, Bitcoin has recently rallied to the $5,000 mark and succeeded to sustain it. Many analysts and experts are now believing that it is the end of so-called ‘crypto winter,’ and that the market will start moving forward from this point onward as the Bitcoin’s price has been steadily rising after hitting $3,200 low in December of last year.
Speaking on Yahoo Finance YFI PM, Peter Brandt said:
“I believe that charts reflect underlying supply and demand fundamentals and that’s how we have to look at it. What’s happened from December of 2017 to 2018 is really an analog to what happened in the 2013 to 2015 bear market, where we saw sequential 10 up-and-down moves in the bear market and we’ve almost identically formed that same sort of pattern.”
Referring to the Bitcoin’s price chart, Brandt also tweeted that it would not surprise him if $BTC enters a new parabolic phase. “I think the analogs are holding remarkably well and based on those analog studies, I think cryptos now will go back into a parabolic bull market,” he said to Yahoo Finance. Bitcoin may rise now and continue its rally; however, he questions whether BTC will see the late 2018’s low again or not.
Co-founder of Fundstrat Global Advisors, Thomas Lee, came to the conclusion that Bitcoin (BTC) is back to a bullish trend after considering the improvements of the underlying fundamentals of the crypto’s and the risk-reward for the short period of time along with the positive technical signals Brandt pointed out.
“We see fewer reasons to question the recent recovery [in] Bitcoin prices—the best quarter since 2017,” Fundstrat analysts wrote. “While the key technical price hurdle is BTC closing above its 200D (currently ~$4,600 and falling by $15 per day), we see 2019 as positive risk/reward.”