In a recent tweet, veteran trader Peter Brandt suggests that Bitcoin could potentially hit $200,000 during this bull cycle.
His poll is meant to determine how bumpy the road to his target is going to be. Most of the responders believe that Bitcoin will face up to six major corrections before it finally hits $200,000.
Only 10 percent believe that the cryptocurrency has already topped out after it touched a new all-time high of $58,354 on Jan. 22. Conversely, a slightly higher share of the poll participants (16 percent) is convinced that Bitcoin is not going to have any major corrections en route to $200,000.
It’s not a straight road
As reported by U.Today, Brandt tweeted that Bitcoin had entered its third parabolic advance last week after touching $50,000.
However, any bull run is now a straight road, which is why major corrections are widely expected. For instance, as estimated by Brandt, Bitcoin has had nine corrections during its previous bull cycle that exceeded 30 percent.
Last month, Bitcoin corrected 31.54 percent from $42,000 on Jan. 8 to $28,883 on Jan. 22. The cryptocurrency resumed its uptrend in early February.
As of now, Brandt says that he would happily buy every 20 percent correction.
Arman Shirinyan
Yuri Molchan