Veteran commodity trader, Peter Brandt has said Bitcoin (BTC) is going parabolic again, insisting that the king of all cryptos will reach $50,000 considering its present move.
The veteran trader, who suddenly became bullish about Bitcoin, said he started becoming constructive since the beginning of 2018 and it was perfect for him. He said at this point, the next question is how far does this go, and in what form will it take?
Do we go straight up from here or comeback to test the $3,000 levels low.
Peter, who will be making deep comment on his market prediction at Consensus 2018 in New York, enjoined crypto enthusiasts, to a look at the long-term chart of Bitcoin especially from 2011 to 2012 to see reasons why Bitcoin is going bullish.
According to Peter, the 2013 high was succeeded by a large scale parabolic move.
Peter said parabolic move is a magnificent thing, and it may happen once in a decade. He added adding that the first one was seen in 2012, which created avenue for the 2013 high, and that of 2015 was succeeded by December 2017 all-time high.
Speaking on CNBC Crypto Trader, Peter insists that the cryptomarket is witnessing another parabolic move. He further explained that three parabolic in a decade is surprising, and such move was last seen in the 1920s when a geometric interest rate occurred.
He buttressed his bullishness with the weekly chart moving average he looked at, which turned up about four weeks ago, saying the last time the moving average went up was in 2015 which created opportunity for Bitcoin to move from $250 to $19,800. The market expert said what’s going to happen to the crypto market now is going to be very classic.
Peter, when asked by CNBC analyst Ran NeuNer on where BTC is heading at the moment considering the kind of parabolic move it is making, responded that Bitcoin is heading to $50,000.
“Well I think $50,000… it has to get to $10,000 before it gets to $20,000,” he said.
John McAfee’s Bitcoin (BTC) Prediction
John McAfee, the British-American computer programmer and the founder of McAfee Associates is a well-known cryptocurrency guru who has been stern with his $1 million Bitcoin (BTC) by 2020 prediction.
In November 2017, McAfee echoed his Bitcoin (BTC) prediction, and he has not stopped reechoing the forecast that some crypto pundits tagged as overstatement. Anyone is liable to disagree with such prediction if the present situation in the crypto market is taken to consideration.
When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bircoin at $1 million by the end of 2020. I will still eat my dick if wrong. pic.twitter.com/WVx3E71nyD
— John McAfee (@officialmcafee) November 29, 2017
The prediction has since attracted so much resistance, but McAfee continues to stand by his claims with weighty points to support his Bitcoin (BTC) forecast.
McAfee in one of his usual tweets pointed to a very crucial point that needs to be considered. He said those that have little or no knowledge in Mathematics might find it difficult to understand the formula applied in his Bitcoin (BTC) prediction.
McAfee continues by saying cryptocurrency is new and it will keep growing steadily, stressing that mathematical formula that is applied in traditional stock market cannot work in crypto market.
There is resistence to my Bitcoin price prediction. It is because people are applying the paradigm of the traditional stock market formulas to the crypto market. Only an idiot could miss the fact that the crypto market is a brand new paradigm unto itself . Are we all that stupid?
— John McAfee (@officialmcafee) May 3, 2019
With the look of things, John McAfee is not ready to retract from his $1million Bitcoin (BTC) by 2020 prediction despite all external resistance, and considering the rate BTC appreciates in price in crypto market over the past days, there is possibility for cryptocurrency enthusiasts to recheck his sentiment, but 2020 is too near and it’s too early to concur to such a prediction. However, only time will tell.
Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.