In an interview on CoinDesk TV, Brandt, well-known for interpreting chart patterns and accurately calling movements, has explained that bitcoin’s long-term bull market remains intact, and added his technical analysis suggests the cryptocurrency’s price could continue to rally, even though it will endure corrections along the way.
I keep my eye on the broader picture. Bitcoin over the past 10 to 11 years, you get these big rallies that accelerate two to three years, and then you get a big correction
Brandt cautioned that there will be price dips along the way, and added that a recent trend on social media that has been seeing investors get too anxious may mean we are “in for trouble,” as people have been sharing “laser-eyes on their Twitter feed” in a trend.
Brandt isn’t just known for accurately calling BTC’s 2018 bear market, as the analyst has in the past made other correction predictions for the cryptocurrency’s price. In April 2019, the analyst set a $50,000 price target for the cryptocurrency “in the next two years.”
The price of bitcoin crossed the $50,000 mark earlier this year and hit a new all-time high above $61,000 before enduring a correction that saw it retest the $55,000 mark.
Speaking to CoinDesk, Brandt noted that bitcoin is “taking the role of store of wealth and medium of exchange.” Per his words, this is a “binary bet” and the cryptocurrency will be “the best of what people really want it to become, or it will become nothing.”
As CryptoGlobe reported, earlier this month Brandt said there were “new highs ahead” for the flagship cryptocurrency, after he pointed to an inverse “head and shoulders” pattern on BTC’s price charts. A head and shoulders pattern, it’s worth noting, is a chart formation that appears as a baseline with three peaks and predicts a bullish-to-bearish trend reversal. An inverse head and shoulders pattern predicts a bearish-to-bullish trend reversal.
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