Bitcoin [BTC] Price cycles replicated up to now, $ 50,000 target predicted by Peter Brandt

The majority of crypto traders have also confirmed the background on Bitcoin according to their independent analysis. Bears who started placing short orders at $ 4000 were eagerly awaiting a correction. However, the 50% increase in Bitcoins from that date resulted in the liquidation or closing at a loss of many courts.

Bitcoin, currently, is far less affected by bad news and extremely positively by the good news. Fidelity's ads had a bigger effect on the price than a $ 40 million hacking incident.

Therefore, as Jake Canfield noted in the last episode of Crypto-Trader with Ran Neuner,

"Traders buy the decline. A large number of traders have been trying to sell the market and continue to be liquidated, adding fuel to push the price of bitcoin to new annual highs. "

Whether or not the season of altcoins will begin, Canfield noted that this would start when Bitcoin starts to stabilize, and capital starts moving in altcoins.

"The multipliers (on the altcoins) will be great, if and when we see this background. Wait for Bitcoin to stabilize. Wait until the highest and highest levels are confirmed to confirm the reversal. He also mentioned that, "Ethereum seems ready to burst. "

Peter Brandt, analyst of Trade and Chart, one of the first traders to have predicted the bear market and to qualify the last low on Bitcoin, claimed that $ 50,000 could be raised from the next parabolic advance on Bitcoin. He said,

"The current bear market is an analogue of the 2013-2015 Bitcoin markets. There was a new test down … We can see a correction. Then right away. He added: "We have a very good shot at 50,000"

Read also: Futures Traders Loving Bitcoin [BTC], But expects a 'back and fill': CNBC Update

The price of bitcoins evolved daily over a period of 200 days after a four-year period. In addition, as has been reaffirmed since it was followed by an upward race, there is enough reason to expect the same thing this time around.

On a weekly long-term scale, the price has risen above the 200-day moving average and 50 days, with strong positive feelings towards Bitcoin. Therefore, looking at these market indicators, Canfield seemed certain that the uptrend of Bitcoin had begun.

Nevertheless, Brandt was also very optimistic in terms of price and called Bitcoin as the only asset in history to have seen two parabolic increases in a decade. In addition, it was almost certain that the third is also underway.

Do you agree with their analysis? Bitcoin will he reproduce the bull 2017? Please share your views with us.