U.Today - Old-school commodities trader Peter L. Brandt, who has been in the trading business since the mid-1970s, has shared some important data with the crypto community. He stressed that it was just “a thought, not a trade.”
He revealed a key condition that needs to be fulfilled so that the world’s flagship cryptocurrency, Bitcoin, can surge to the $200,000 price level and above it by the end of this decade.
Key driver to take Bitcoin above $200,000
Brandt has shared a chart that shows the Bitcoin price trajectory since 2012 and the curve of the parabolic resistance line, which BTC faced at every price peak, and then it was followed by a massive correction. Each of those price pullbacks lasted roughly one or two years.Peter Brandt believes that unless Bitcoin can “escape velocity” through that upper parabolic resistance line, BTC is very “unlikely to be trading above $200,000 at the end of this decade,” he believes.
On Jan. 20 this year, Bitcoin hit an all-time high of $109,114 and is currently trading at $96,606. Basically, the renowned trader assumes that within the next several years (five or less) Bitcoin may soar by more than 2x and reach $200,000 if it manages to surpass the parabolic resistance line.
Six paths to Bitcoin Omega candle from Samson Mow
Earlier this week, prominent Bitcoin maximalist and JAN3 boss Samson Mow published a tweet, in which he suggested six key drivers that could push Bitcoin toward an Omega candle. The latter means that BTC would hit a whopping $1 million per coin, according to Mow’s earlier tweets.Among those six factors, number one has already begun – institutional accumulation of Bitcoin by Michael Saylor’s Strategy and spot ETFs. Mow believes that eventually these buyers are going to create a Bitcoin supply shock.
The next two bullet points on Mow’s list are about Strategic Bitcoin Reserves – on the U.S. federal and state level. Some U.S. states have already begun discussing the creation of a SBR.
Those three points were followed by the next one – Mow believes that the U.S. dollar will eventually be rebased to Satoshis (Bitcoin’s small units). Finally, he expects nation-states to start adopting Bitcoin as a national currency based on FOMO. The very last one on Mow’s list is the “demonetization of gold to acquire BTC.”