Peter Brandt was on the phone with his broker the minute gold peaked in 1980. Nearly four decades later, he called Bitcoin's (BTC) 2018 crash. In the 1970s, traders began buying gold due to i
Peter Brandt was on the phone with his broker the minute gold peaked in 1980. Nearly four decades later, he called Bitcoin's (BTC) 2018 crash.
In the 1970s, traders began buying gold due to inflation, which sent the bullion's price soaring to $850 an ounce in January 1980. But the central bank's aggressive rate hikes to control inflation led to gold crashing by nearly 80% to $450 an ounce within months.
By mid-1980, gold had crashed more than 60% from its peak — a price action Brandt had already predicted.
The trader also called the crash in Bitcoin, often dubbed "digital gold," in 2018. In January 2018, with Bitcoin trading near $11,000, he predicted it would fall below $4,000. In December 2018, the cryptocurrency was trading around $3,800
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On Sept. 25, Brandt sat down for an interview with Cointelegraph in which he made a bullish Bitcoin prediction. The trader said there is a "good possibility" that Bitcoin has seen its low and is now entering a new bull market cycle.
In July, he had predicted that Bitcoin could slip into the high $40,000 range, but the lowest the cryptocurrency has dropped this year is around $58,500 in late June. Currently, it is trading only slightly above $83,000.
However, Brandt said he still expects a drop to the $65,000-$66,000 range in early October.
“We all know Bitcoin doesn’t go straight up.”
While the trader had predicted a Bitcoin price target of $250,000-$300,000 in July, he raised the target to the $300,000-$600,000 range in late 2029, during the latest interview.
“The bull market cycle this time has a very good chance of reaching half a million,” Brandt predicted.
The trader doesn't consider it impossible for Bitcoin to hit $1 million by 2030 but added he isn't relying on it for a successful trade.
Brandt said he still hasn't invested all the money he's set aside for Bitcoin. But he said he would be happy if he had invested 70% of those funds and Bitcoin had made about 70% of its expected rise toward the projected 2029 peak.
“If Bitcoin’s $350,000 in late 2029, I’m not gonna be a million-dollar bull.”
The veteran trader also warned against creating narratives around catalysts like the CLARITY Act to explain price actions.
BTC/USD, Source: Decibel“More often than not, the narrative is at least partially wrong,” he remarked. “Let price be king.”
Bitcoin was trading at $83,219 at the time of writing, as per Decibel.
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