Veteran analyst Peter Brandt took to Twitter predicting that Bitcoin could spike 10 times in price from its present levels of $40,000 in the next two years. Brandt’s prediction was in response to a user who tweeted that BTC will “explode upwards like nothing on this planet.”
“Bitcoin has long consolidation periods. But when it rallies it explodes upwards like nothing on this planet. Except when Bitcoin rallies, then it sets our hair on fire and leaves the S&P500 in the dust,” tweeted analyst Tuur Demeester.
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However, Brandt came back with his own chart prediction claiming that Bitcoin could go 10 times higher in the next 2 or 3 years. “Bitcoin either congest for 2 to 3 years or goes on a 10X-plus run,” he tweeted.
However, many other users jumped in on the comments bandwagon questioning their prediction. “Bitcoin has almost 100% correlation with the equity market. It has become the play ground of day traders. Just look at the volume once the stock market closes on Friday. Unless something changes or the stock goes up mightily in a recession, Bitcoin is not going higher,” said a user.
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Moreover, another user agreed with Brandt’s prediction saying after the congestion period is over, BTC will see a bull run. “Looking at this chart and given the natural cycles of BTC. It looks like it needs to congest below the MA before the next big run. And it actually makes sense that it will explode in 2 to 3 years after the macro dust settles.”
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Bitcoin Performance
Bitcoin started off on the backfoot this year and barely displayed bullish sentiments. The market is in turmoil and signs of a quick recovery seem to be nowhere on the cards. Read here to know a list of reasons why the market is dipping or trading sideways this year.
BTC shed most of its profits made last year and is down -40.1% from its all-time high of $69,044. Several analysts have also predicted that the leading crypto might dip below the $30,000 mark. You can read the predictions here.
At press time, Bitcoin was trading at $41,269.90 and is up +2.7% in the 24-hours day trade. Moreover, it is down -35.0% over the last 365-trading days.