Bitcoin is the first cryptocurrency which was created by the anonymous Satoshi Nakamoto about ten years ago. Shortly after it was created, other cryptocurrencies were created as alternatives to Bitcoin. These ones are called altcoins and they include Ethereum, XRP, Litecoin and many others. Over the years, the price of Bitcoin has experienced high volatility. Towards the end of 2017 and at the beginning of 2018, Bitcoin reached its all-time high of almost $20,000. This was followed by a decline to the $3200 level. This period of decline is commonly known as the cryptocurrency winter.
Bitcoin Recovers Above $12,000, Trader Predicts More Gains
Since the beginning of 2019, the price of Bitcoin has been on a steady rise against the USD along with the rest of the cryptocurrency market. Last week, however, BTC crossed the psychological hurdle at $10,000 for the first time in more than ten months. Analyst had already predicted that moving above this level will bring more significant gains against the USD. This is exactly what has been happening.
According to Peter Brandt, the 72-year-old veteran trader, Bitcoin’s rise above $12,000 is just the beginning. He predicted that the next target for bitcoin is $100,000. While many other traders have made similar price predictions, Brandt’s prediction is being taken seriously because he was the only one who predicted the cryptocurrency winter in 2018.
According to him, Bitcoin is currently on its fourth parabolic bull run and the target this time is going to be amazing. He noted that in his 45 years as a trader, he has never seen any market like the Bitcoin market. While $100,000 may seem far fetched, it is important to note that the cryptocurrency market is unpredictable and highly volatile. So, anything can happen.