Bitcoin is heading towards the 100,000-$mark, so the experienced Trader Peter Brandt in a new Video-analysis. However, there is still a scenario in which the oldest crypto-currency falls in the short term, deeper.
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Bitcoin is at a crossroads
Brandt, according to Bitcoin moves to within its historic Bull trend, which recorded higher highs and lows.
He believes that the crypto-currency in the coming years bullish. However, two scenarios can be expected to, to Bitcoin of $ 100,000 is reached. Little surprising: A scenario, the other bull is pessimistic, Japanese. Crypto is like “good COP, bad COP” in a Person.
The price is currently at a crossroads and could choose one of the scenarios. At the Moment the BTC trade is very close to the lower limit of a multiyear channel. The price action should continue with the correction, then Bitcoin could be reported to July 2020, bottoming out at 5.324 $.
The potential low point is based on previous Patterns, according to which Bitcoin has, since 2011, four parabolic movements hurt. Any downturn came up with a correction of about 80% and lasted for twelve months from the peak to the low point, as Brandt’s analysis.
Accordingly, the current correction will be found until the next summer, expected to have a strong support at 5.324 $ if Bitcoin is taking the bearish Route. This is because the recent High in June was achieved, as the Cryptocurrency has risen to over $ 13,000.
A bear market until the summer of 2020 – as it is expected that many crypto-give up the bulls.
The potential correction is likely to scare even the most loyal Bitcoin Maximalists and Hodler, says Brandt, and refers to his many years of Trading experience in other commodity markets. In fact, he believes that 90% of Social Media active cops will sooner or later give up.
The “Immediately bearish”scenario
In the best case, the BTC price not to exceed, however, the lower limit of the multi-year channel, but jumps back to new highs. Brandt claims that the new highs could come in the next year.
Interestingly, expect a lot of Bitcoin bulls, the price will not reach the before halving again a new all-time high. A scenario that is supported by the popular Stock-to-Flow model of PlanB next.