Cryptocurrency enthusiasts are not tired of the bits of information that may have something to do with Bitcoin’s price. In the same manner, analysts are putting metrics together to determine where Bitcoin is headed. Peter Brandt, a highly successful cryptocurrency trader who correctly predicted Bitcoin’s 80 percent dump in price, recently forecasted that the virtual asset’s spike to $67,193 is a possibility.
Veteran Trader With 40 Years of Experience in Commodity Trading
According to Peter Brandt who reportedly has 40 years of experience when it comes to commodity trading, something good is on the way. Brandt is of the opinion that Bitcoin will become a store of value and as such, it will replace both gold and the U.S. dollars. The trader has specifically put a price tag to it stating that Bitcoin will spike to $67,193.
The veteran crypto trader also revealed how the actual value was arrived at. Here, he divided the worth of 33,000 gold which central banks have in reserve by the 21 million Bitcoins that are in circulation. Therefore, reserve banks will have a role to play in making that value a reality.
Reserve Banks Will Abandon Gold and USD for Bitcoin
Based on Brandt’s prediction, assumptions have been made that for Bitcoin to be a store of value, then central banks will have to abandon gold as well as the U.S. dollars to hold Bitcoin. The U.S. dollars for instance, which has been the dominant worldwide currency has been given less priority of late by some reserve banks.
In the same vein, with developed countries like China fostering the adoption of their currencies by other countries, the dollar will become less influential. These countries at some point may also adopt Bitcoin instead which will, in turn, positively impact on its price.
Unset Timeframe for Predictions to be Actualized
While Brandt’s prediction has been made, a timeframe from for its actualization has not been fixed. On November 3, 2017, the trader stated that the idea of Bitcoin becoming a global reserve currency remains nonsense unless the virtual asset is moved from exchanges to centralized markets.
— Peter Brandt (@PeterLBrandt) November 3, 2017
The professional career trader’s opinion at that time conflicts with the latest one given that Bitcoin and altcoins are still being traded on decentralized exchanges. The same might be the case a few years from now, and at this point, one may wonder if anything has changed. On the other hand, it is worthy to note that Brandt had predicted Bitcoin’s 80 percent decrement in price to $4,000 on January 22, 2018.
General TA rule — violation of parabolic advance leads to 80%+ decline in value. If general rule is followed, BTC should retrace to <$4,000. Note: This Tweet does not make me a hater. pic.twitter.com/jDNI1osinU
— Peter Brandt (@PeterLBrandt) January 22, 2018