Known for accurately predicting an 84% drop in Bitcoin in 2018, widely followed cryptocurrency analyst Peter Brandt predicted that the Bitcoin price could reach $ 200,000 in this bullish cycle.
In an interview with CoinDesk TV, an analyst known for interpreting chart patterns and accurately predicting movements, Brandt explained that the long-term bull market for Bitcoin remains intact, adding that his technical analysis suggests the price of the cryptocurrency may continue to rise.
During the interview, Brandt explained that he expects the Bitcoin price to reach $ 180,000 to $ 200,000 by the third or fourth quarter of the year, depending on the long-term trend.
I’m looking at the larger picture. Bitcoin in the past 10 to 11 years, you’ve seen these big two to three-year rallies and then you get a big correction.
Brandt also warned that there will be price drops along the way.
Brandt is not only known for correctly naming BTC’s 2018 bear market, as the analyst has made other correction estimates for the price of the cryptocurrency in the past. In April 2019, the analyst set a price target of $ 50,000 for the cryptocurrency “in the next two years.”
Bitcoin price surpassed $ 50,000 earlier this year and rose above its all-time high of $ 61,000 before embarking on a correction that retested $ 55,000.
Bitcoin – defining an orderly bull trend
Compared to the 2015-2017 bull cycle in $BTC – eight corrections exceeding 30% (two exceeding 40%)
With the exception of the Mar 2020 smash, the Dec 2018 to present bull trend has been extraordinarily orderly – so far
— Peter Brandt (@PeterLBrandt) March 18, 2021
Speaking to CoinDesk, Brandt stated that Bitcoin “acts as a store of wealth and a medium of exchange”.
Earlier this month, Brandt said there are “new highs ahead” for the flagship cryptocurrency after pointing to an inverted “head and shoulders” pattern on BTC’s price charts. It is a graphic formation of the head and shoulders pattern that appears as a baseline with three peaks and predicts a trend reversal from top to bottom. An inverted head and shoulders pattern predicts a reversal of a trend from bearish to bullish.