Peter Brandt said that Bitcoin could rise to $ 200,000, but the road to this goal could be bumpy. In a recent tweet, veteran trader Peter Brandt suggested that Bitcoin could potentially reach $ 200,000 during this bull cycle.
The questionnaire was presented to determine how bumpy the road to its destination would be. Most respondents believe that Bitcoin will face six major fixes before it eventually reaches $ 200,000.
Some of the survey respondents expect a correction of 10%, while others state that they expect a 16% correction.
Not a straight road
Brandt tweeted that Bitcoin entered its third parabolic advance after touching $ 50,000 last week.
However, any bull run is now a straight path. Therefore, major corrections are expected to be made widely. For example, Bitcoin made nine corrections that exceeded 30 percent in the previous bull cycle, as predicted by Brandt.
Last month, Bitcoin corrected 31.54 percent from $ 42,000 on January 8, and fell to $ 28,883 on January 22. The cryptocurrency continued its upward trend in early February.
As of now, Brandt says he will gladly purchase every 20 percent correction.