Peter Brandt on Bitcoin: "I think we're going to $50,000"

16 May, 2019
by Richard Allen
Bitcoin
Peter Brandt on Bitcoin: I think we're going to $50,000

BlockTV caught up with veteran trader Peter Brandt at Consensus 2019. He was asked if he agrees with a statement that Bitcoin is going to $20,000. Brandt says “I think we’re going to $50,000.”

Elaborating on his prediction, Brandt says “I look at Bitcoin and I say there’s a 50% chance it goes to zero. It becomes worthless, that the whole narrative is a big scam. But there’s a 50% chance we could go parabolic again and if we go parabolic again, we could go up to $200,000 - $300,000.”

He continues, stating “it’s a no-brain decision from a trader’s point of view because it’s an asymmetrical trade. It’s a trade that if I manage the trade correctly, I have relatively low downside risk. But if I manage it correctly I could have enormous upside potential.”

Brandt’s comments coincide with a statement he made to CNBC Crypto Trader host Ran NeuNer last week. He explained at the time that following the 2018 price correction, Bitcoin had a chance to enter its third parabolic move in the same market.

He said, “if you see the possibility of three parabolic moves in a decade’s period, that’s unheard of and that perhaps has not been seen since we saw German interest rates in the 1920s.”

BTC/USD chart provided by Tradingview

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