Bitcoin is heading towards the $100,000 mark, according to veteran commodity trader Peter Brandt, who shared his analysis in a new video clip. However, there is a scenario in which the oldest cryptocurrency turns bearish in the near-term.<\/p>\n
According to Brandt, Bitcoin is still moving within its historic bull trend, which has seen consecutive higher highs and higher lows.<\/p>\n
While he believes that the cryptocurrency will stick to the bullish narrative in the coming years until it breaks $100,000, there are two main scenarios to expect before that happens. Unsurprisingly, one is bearish and the other is bullish.<\/p>\n
The price is currently at a crossroad zone and might go for one of the scenarios soon. Right now, it is trading very close to the lower boundary of a multi-year channel. If the price action decides to continue correcting, then we might see Bitcoin bottoming out at $5,324 by July 2020.<\/p>\n
The potential low is based on previous patterns, according to which Bitcoin has violated parabolic moves four times since 2011. Every downturn came with an 80%-plus correction and lasted 12 months from the peak to the low, according to Brandts analysis.<\/p>\n
Accordingly, the current correction will likely find strong support at $5,324 by this summer if Bitcoin takes the bearish route. This is because the recent high was reached in June, when the cryptocurrency rallied to over $13,000. Up until then, its anticipated that many crypto bulls will capitulate.<\/p>\n<\/p>\n
This potential correction could likely scare even the most devoted Bitcoin maximalists and hodlers, Brandt says, citing his multi-year trading experience in other commodity markets. In fact, he believes that 90% of bulls who are active on social media will start capitulating sooner or later.<\/p>\n
In the best-case scenario, the BTC price doesnt break the lower boundary of the multi-year channel and bounces back to new highs. In fact, Brandt asserts that the new peaks could come as early as next year.<\/p>\n<\/p>\n
Interestingly, many Bitcoin bulls expect the price to update the all-time high on the upcoming halving event, which is scheduled for the first half of 2020. This scenario is further supported by PlanBs popular stock-to-flow model.<\/p>\n
Which path do you think Bitcoin will go? Share your thoughts in the comments section!<\/p>\n
Images via Shutterstock, bitcoin.live (Peter Brandt)<\/p>\n
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