After calling bitcoin’s decline in 2018, technical trader Peter Brandt is forecasting new highs for bitcoin over the next two years.
Bitcoin is back from the dead.
The world’s largest cryptocurrency by market cap broke above the $5,000 mark for the first time since November and has so far sustained its rally, prompting some analysts to declare an end to the so-called “crypto winter.”
The renewed run has emboldened some analysts to make new calls, including one from a technical trader who correctly predicted bitcoin’s collapse in 2018, founder of Factor Research and Trading Peter Brandt. After bitcoin’s (BTC-USD) latest rally he’s now calling for a run up to $50,000 within the next two years.
“I believe that charts reflect underlying supply and demand fundamentals and that’s how we have to look at it,” he said on Yahoo Finance YFi PM. “What’s happened from December of 2017 to 2018 is really an analog to what happened in the 2013 to 2015 bear market, where we saw sequential 10 up-and-down moves in the bear market and we’ve almost identically formed that same sort of pattern.”