The Bitcoin price is threatening to head lower, but at least three respected pundits believe the price is about to rocket upwards.
Veteran trader Peter Brandt believes that Bitcoin is in the early stages of a new parabolic uptrend that could lead it significantly past its all-time high price.
Brandt is, of course, the same trader who predicted the Great Crypto Crash of 2018 and Bitcoin’s major price increase this year when everyone else was talking about price capitulation.
So he’s not the usual Bitcoin maximalist idiot on Twitter dishing out hopium.
Brandt believes that Bitcoin could be in its fourth Parabolic phase.
Not the only one on this ride
He’s not the only one tipping a big imminent increase in the Bitcoin price.
Brandt actually tweeted his prediction in response to another crypto analyst Raoul Pal, the Founder/CEO of Real Vision Group.
Pal told his 100,000 or so Twitter followers that he believes Bitcoin is currently at the bottom of a large wedge pattern suggesting it will trend significantly higher in future.
“If you don’t have any bitcoin $BTC #bitcoin then this looks like the last time to board the rocket ship… I LOVE wedge patterns like this. They have a high probability of success. Good luck. There is a sh– ton going on in macro land,” Pal noted.
— Peter Brandt (@PeterLBrandt) September 1, 2019
Keiser is bullish, like usual
Max Keiser, host of the Keiser Report on RT, is also tipping a major price increase.
He’s basing the prediction on Bitcoin’s hash rate which is around 83 quintillion and at an all-time high.
“Bitcoin has approaches 90 quintillion. Per protocols hard coded game theory has preceded price. $28,000 in play.”
The hash rate refers to the amount of computing resources that miners are throwing into the network.
The higher the hash rate, the greater the security of the network.
Why Brandt has form predicting the Bitcoin price
Back in May, Micky reported on Brandt’s call that Bitcoin was about to experience the kind of parabolic move it experienced in 2013.
At the time Bitcoin was trading just above $6000 and Brandt suggested we were about to see a “third parabolic move” which he suggested was “unheard of”.
So a fourth parabolic move would be on the edge of crazy.
“The idea that you look at a market and consider it to be a long term chart when it’s only a decade long is pretty magnificent and then if you see the possibility of three parabolic moves in a decade’s period, that’s unheard of and that perhaps has not been seen since we saw German interest rates in the 1920s,” Brandt said.
At the time he suggested $50,000 was the logical end game.
“My longer term outlook is that whether from the Dec 2018 low or a retest of the same, another massive parabolic advance will occur, taking BTC to $50,000 in the years ahead.”
Brandt does not believe the price will move in a straight line however, with many pullbacks and spikes in store for holders.