In his recent video entitled "$100,000 ahead... but when and how?", veteran chartist Peter Brandt explains how the price of Bitcoin could eventually end up in the six-digit territory. Brandt offers two interpretations that are based on his bullish view of the BTC price.
"I believe in the long-term narrative of Bitcoin and that Bitcoin is indeed going to $100,000 if not substantially more."
A much-coveted moonshot
Brandt states that he's not looking for new signals every day, every week, or ever every month. Moreover, the trader emphasizes that his analysis is based on possibilities, not certainties.
It's usually one surefire signal that defines his trading strategy. When the chartist famously predicted the collapse of the crypto market at the beginning of 2018, it was the violation of the big parabola that gave him a clue, which was followed by a massive descending triangle.
As of now, Bitcoin is trapped in a a descending parallel channel on its weekly chart. According to Brandt, an upside break from this channel would confirm that the next bull phase is upon us.
"That's probably the moonshot that Bitcoin bulls, including me, would look for."
The point of capitulation
If Bitcoin does violate the lower boundary of the aforementioned channel, things could go south. Brandt predicts that the BTC price could bottom out at $5,324 around July 2020.
However, he views the $3,200 level, the bottom of December of 2018, as a breaking point where he would personally capitulate.
"It's at that point that I would capitulate. Should we violate this level decisively, I would come to the conclusion that Bitcoin story is over and it's done with."
That said, he doesn't believe that the BTC price could eventually go to zero because there would be some buyer interest even at any price level, but it would be a sign of a fundamental change in the Bitcoin story.