A closely watched veteran trader who became legendary in crypto circles for calling bitcoin’s big collapse in January of 2018 is revealing his latest thoughts on BTC, XRP and Litecoin, the world’s top, third- and seventh-largest cryptocurrencies by market cap.
Peter Brandt, who has previously said bitcoin could rise to $100,000 in its current long-term cycle, says the king coin remains in an historic bull trend, The Daily Hodl reported. In his latest weekly crypto outlook, Brandt says the leading cryptocurrency is now showing early signs that it could climb “a lot higher” than $100k.
“We can use this recent low that we’ve seen back in December that connects back to December 2018 as kind of now redefining the parabolic advance that could be in the process of developing now. And that has implications.
“I don’t want to get too far ahead of myself because I can make an argument here that I’m not sure really can be made yet – that we’re going a lot higher than $100,000, and it won’t be until 2021.”
Brandt says BTC may be coiling in a bullish symmetrical triangle that dates back to late 2017.
“A continuation symmetrical triangle is a coil that contains four major contact points. If we fail at this upper line and turn down, then it could be a symmetrical triangle top.
But for now, I’m going to look at it as a symmetrical triangle continuation, and as time goes on and we start to challenge this upper line, especially if we take out the highs that we made back here in June, then we’ve completed this symmetrical triangle, and we can really start accelerating the bull trend in Bitcoin.”
As for the altcoin market, Brandt says Litecoin is also showing signs of a potential bullish triangle similar to that of Bitcoin.
“Symmetrical triangles or triangulations tend to be a magic pattern with Litecoin, and you can see it a couple of places here – the big ascending triangle that blew off in 2017 and you had another triangulation [in 2018]. You’ve had different triangulations taking place, especially symmetrical triangles in Litecoin.”
As for XRP, Brandt says he often hears from investors who closely follow the third-largest cryptocurrency by market cap. Although Brandt says XRP may prove to be a “boomer” and rise exponentially in value, he stresses his belief that bitcoin is the real crypto asset to watch.
“I know many of you are Ripple fans, XRP fans. I’m sorry, I just can’t get all excited about that. I’ve talked about that in the past with you many times. For me, this is a bitcoin story. Bitcoin is the legacy coin. I don’t want to be sidetracked because I think the granddaddy of them all is going to continue to be bitcoin.
“… XRP may very well be a boomer, but it’s also going to be a buster. So my focus will continue to be on bitcoin and I’ll look at bitcoin as the litmus test of everything else.”
Brandt explained in a recent video that the weak hands had left the market and that. that bodes well for bitcoin, U.Today reported.
He said, “I think we’ve just got rid of a lot of people, and what that means is weak hands are out. There is nothing more bullish to a market when you have a lot of bulls who are basically sold out.”