Now if you are a crypto trader you may have heard of the veteran securities trader Peter Brandt. Ever since he got into crypto currencies, he has been one heck of a barometer. For instance, he was the one who predicted the bitcoin price crash of 2018.
Bitcoin shortly after his prediction lost more than 84% of its value. Then crypto winter happened.
Again, like a 21st century Nostradamus, Peter comes up on twitter to let us all know that bitcoin’s next big target is $100,000!
This means a whole lot of things and is based on a whole lot of factors.
To begin with, Peter has always spoken of exponential price jumps in Bitcoin and other assets as “parabolic phases”.
In trader-speak (which neither you nor I understand), this refers to periods where based on certain factors an asset or a security undergoes a rapid price differential either upwards or downwards.
If you follow Pete and many of his friends, you’d realize that they have this passion for Bitcoin.
It’s not just about the interest.
The pattern which Bitcoin follows has never happened before to any asset since securities and other instruments first started to be traded on exchanges on a natural basis devoid of manipulation.
Bitcoin’s market has followed a series of price increases which Pete has put in a series of parabolic phases.
If they are anything to go by, it then means that Bitcoin is a totally different kind of market which never existed before!
I mean he said so himself!
And what makes his argument even more compelling is his predicting Bitcoin’s price drop.
His understanding of the crypto currency financial markets has made it possible for all who are following to take solid positions for and against opinions based on his expertise.
Now that crypto spring is here though, and Peter is back talking about Bitcoin hitting $100k it means that Crypto summer is on its way!
This is because wherever Bitcoin goes, other cryptocurrencies are sure to follow (at least for now anyway)!
Bitcoin has always led the pack of cryptocurrencies as it holds the largest market capitalization of them all.
With the recent price increases and its crossing the $10,000 mark, its certain that the price corrections based less on speculation and on real interest is starting to kick in!
This price increase which is driven largely by institutional interest is also what will make Peters’ prediction to become reality.
This is because now that the big guys with the big guns are now entering the crypto space, certain impossibilities will now become possible.
Most people always adopt new technology simply because “one big brand did this or that with the tech.”
Now that the brands are going in (Facebook for instance), this then means that the core driver of growth behind any kind of technology is going to play in Bitcoin’s favor in a MASSIVE way: adoption.
With more and more people adopting Bitcoin for use, then the $100k prediction is a walk in the park.
Way to go Pete.
As someone who has been around more than most of us have been on earth (for Pete’s sake he’s 72!) and for the mere fact that he has been doing this before even the internet was invented, you’d know that there is an element of reality and accuracy to his predictions.
Do you think that Bitcoin will ever reach $100,000?
Please let us know in the comments below!