Analyst Peter L. Brandt asserted that bitcoin is close to reaching a price “bottom for this current cycle” in his recent post on TradingView.
In the post, which is currently trending in the editor’s picks section of the charting platform, Brandt highlighted that cycle lows for the cryptocurrency are being reached “now.”
The expert is recognized in the cryptocurrency world for his accurate predictions, due to the fact that he predicted the 80% drop of BTC in 2018 and 2022.
Although Brandt did not directly state that the bottom has already been reached, he does mention that bitcoin’s behavior is “predictable” and should see a strong advance after the loss of 80% of its value.
“I don’t expect bitcoin to go to the upside, but rather to run higher towards the end of 2023, or early/mid 2024, when it will retest all-time highs,” he explained.
How far will BTC go up?
Meanwhile, fellow analyst Michaël van de Poppe noted that it is still unclear how long BTC’s current rally will last.
“All the liquidity has been taken above the highs and that’s why we accelerated. The question is whether we will continue to climb towards $20,000-21,000, or if bitcoin will calm down,” he wrote on his Twitter account.
All the liquidity has been taken above the highs and that's why we accelerated.
— Michaël van de Poppe (@CryptoMichNL) January 12, 2023
Although BTC is still 72% below its all-time highs, Van de Poppe still notes what he describes as a “bullish euphoria.”
“It’s funny, if you look at social media, it’s bullish euphoria. If you look at the chart, you have to zoom out a lot to see the full chart. Bitcoin is still -$50,000 cheaper, from 15 months ago,” he mentioned.
According to the trader, most traders in the world are still bearish on BTC.
Although, he stressed that this represents a golden opportunity to buy the cryptocurrency, due to the fact that he expects bitcoin to keep going up a bit more before correcting.
“The areas I personally would be looking to trade short in the $19,100-19,400,” he revealed, adding that he does not see it as a bad option to trade long, with entry at $18,200.
Long and short positions allude to the two potential price directions required to make a profit.
Traders who “go long” expect the price to rise from a certain point, while those who “go short” expect the price to fall from the entry point.
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