Commodity trading veteran Peter Brandt predicts that the BTC price could be heading $50,000 in the long-term.
However, before starting its next trip to the moon, the top coin will first bottom out at $5,500.
Chris, just a wild guess, but I think BTC bottoms at $5500 next Feb and then begins a bull move to $50,000
— Peter Brandt (@PeterLBrandt) September 29, 2019XRP Urgent Alert Issued, Critical SHIB Price Level Revealed to Bulls, Solana Volume Rockets 40% Amid Golden Cross Setup — Crypto News DigestCrypto Market Prediction: This Is What Saves XRP From Crashing to Zero, Three Ethereum Levels to Watch After $3,000, Is Shiba Inu Bull Market Bounce Starting Now?Morning Crypto Report: New XRP Pair Goes Live on Binance, Shiba Inu (SHIB) Scores New Coinbase Listing, Cardano Creator Highlights 'New ADA' Top 100 AchievementRipple Exec Reveals Ambitious Plans for RLUSD
A wild card
While Bitcoin represents one of the most unpredictable markets (mostly because of nascence), Brandt has been remarkably spot-on with many of his sought-after predictions He particularly predicted that the BTC would be heading south after reaching its current all-time high in December 2017.
Back in April, he suggested that Bitcoin had entered its next parabolic phase before the coin went from $5,000 to nearly $14,000 in the span of a few months.
He reiterated his bullish call in September, but the great descending triangle resolving downwards has turned the tables in favor of the bears.
Bakkt and shelled eggs
As reported by U.Today, JPMorgan analysts came to the conclusion that the Bakkt launch, which failed to live up to the market’s expectations, can be blamed for the precipitous Bitcoin price drop.
Everyone and their uncle has already branded Bakkt as a flop due to the low trading volume. During its first week, the ICE-backed exchange managed to trade only $5.8 mln of futures contracts, failing to hold a candle to CME’s $5.8 mln debut.
Considering, this “success” Brandt also drew a comparison between Bitcoin futures and Shelled Egg futures in terms of demand.
Potentially, the ONE person who bought ONE ICE Oct $BTC contract and sold ONE ICE Nov BTC contract on Friday locked in an 8.5% annualized yield. I rank the success of the @ICE_Markets BTC futures contract right up there with Shelled Egg futures pic.twitter.com/rWYoyUZWyD
— Peter Brandt (@PeterLBrandt) September 29, 2019
Dan Burgin
Vladislav Sopov
U.Today Editorial Team