OPM Wealth: Legendary veteran Crypto trader Peter Brandt, who has previously said the Bitcoin price could rise to $100,000 in its current long-term cycle, says the BTC price remains in an historic bull trend. In his latest weekly Crypto outlook, Brandt says Bitcoin (BTC) 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.”
In other Bitcoin news today, portfolio manager and Cryptocurrency analyst Mati Greenspan says billions of dollars are essentially sitting on the sidelines, ready to move into Bitcoin, Ethereum, XRP, Litecoin and the altcoin market at large. Greenspan is using data from the crypto research firm Messari, which shows that the total value of all stablecoins is just shy of $6 billion. Stablecoins are digital currencies that are pegged to traditional assets like fiat.
They’re designed to maintain a steady value and offer crypto traders an easy way to sidestep the extreme volatility of the crypto markets. Greenspan’s theory implies that the billions of dollars in the stablecoin market represent traders who have decided to exit their positions in BTC, ETH, XRP and other crypto assets and are waiting for the optimal time to re-enter the market.
“Nearly $6 billion worth of stable coins ready to move into bitcoin and the alts at a moments notice.”
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky and so is investing into Cryptocurrency, especially when trading Crypto. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
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