Well-known crypto analyst Peter Brandt in a recent video, explained that the price of the leading cryptocurrency bitcoin could break its previous all-time high during the next bull run.
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Bitcoin is moving towards $100,000 mark
According to Brandt, the price of bitcoin is moving towards $100,000 or above in the long-term. The crypto analyst shared a chart showing bitcoin is close to the bottom of a multi-year channel, and the current bear channel in which is bitcoin is since June 2019 would eventually help the bitcoin market to move higher.
Next bull phase could help BTC reach a new all-time high.
According to Peter Brandt, if bitcoin is able to break out from the current bear phase, the next bull phase could help bitcoin break its previous all-time high of $19,891 that it reached a couple of years ago. At the time of writing bitcoin is changing hands at just above $7,500. In November, bitcoin reached a six-month low when the price slumped below $7,000. The drop in price coincided with People’s Bank of China’s decision to crack down on crypto businesses in the country. The halving of bitcoin is also scheduled to take place in May 2020.