Bitcoin to $100,000 in this’Economy Like No Other’ — Commodity Analyst
Peter Brandt, a commodity dealer of world renown with 285,000 followers on Twitter, has contributed a price goal of $100,000 to get bitcoin.
Some might see that as a sure sign of the yield of the”irrational Exuberance” that indicated the prior sharp upturn in the bitcoin price, but do not discount Brandt’s musings out of hand.
Bitcoin takes aim at goal. $btcusd Is undergoing its fourth parabolic phase dating back to 2010. No other market in my 45 decades of trading has gone parabolic on a log chart in this manner. Bitcoin is a marketplace unlike any other. -- Peter Brandt (@PeterLBrandt) June 22, 2019
Bitcoin isn’t Tulip Mania Revisited
Comparisons with the Tulip mania of the century, consented To be the very first financial bubble of the capitalist era, were always wide of the mark.
That is not the case with speculation round the price of bitcoin, as its cost history reveals.
The bitcoin cost has seen at least four phases where it’s risen parabolically and then dropped by at least 75%.
Let us have a closer look in the chart that Brandt has posted:
Brandt $ price prediction lines up with 2020 halvening
Employing a log scale to show Brandt, the three latest parabolas Postulates that if we are in the start of the fourth one then the cost will strike around $100,000 before it tops out.
That runs into the next halvening of block rewards as where The summit kinds, in May 2020, that are a convergence of both the fundamentals and the technical setup.
Each parabola has witnessed bitcoin achieve new highs followed by greater lows.
Bitcoin: new money, new technology
Brandt clarifies the bitcoin market as”like no other” that he has studied or engaged in:
No other market in my 45 years of trading has gone awry on a log chart this way. Bitcoin is a market like no other."
The Special patterns found in the price graph is likely because bitcoin Is. As such its value, as with past tech breakthroughs, is hard to evaluate.
But we need to add to that the monetary aspect, that provides bitcoin its revolutionary possible
Bitcoin is electronic gold
If its usage case as electronic gold or a means of payment is to be Realised then its worth needs to find amounts far higher than $100,000.
Gold above ground’s value is roughly $7 trillion. To capture that market would equate to a price of $300,000.
Gold is not going to be completely displaced by bitcoin nonetheless, but A partial attraction of a number of the current investors in gold will see $100,000 easily attained. Then add on the means of payment possibilities.
Gold is now trading at a five-year high. You can buy gold .
The crypto is presently priced according to information website cryptocompare.