What’s Next For Legendary..

As traders try to guess what’s next for bitcoin following a surge that’s sparked bubble talk, one influential chart watcher has taken a shot at a prediction.

“Shown on this chart are my two best guesses for how prices will unfold in the days ahead,” veteran trader Peter L. Brandt told subscribers to his newsletter, in a missive dated Saturday.

His chart below indicates the $14,000 mark is coming up for bitcoin BTCUSD, >-1.60%  , implying a gain of about 25% from its recent print around $11,200.

Peter L. Brandt
$14K may be next for bitcoin.

The leading cryptocurrency will either climb straight to $14,000 or first pull back to $9,200 before heading to $14K, said Brandt, who has been dubbed a “legendary trader” and one of finance’s most influential sources.

He expressed wonder at bitcoin’s massive advance, which has topped 1,000% in the year to date.

“In my 43 years as a speculator, I have never seen anything like the current bull market in bitcoin,” Brandt said. “I believe bitcoin is in a bubble, but bubbles can go on for far longer than anyone thinks.”

At the same time, he offered this warning: “Parabolic bull markets historically do not end well.”

But he also shared the chart shown below, which suggests the digital currency could draw buyers at $8,100, if it tumbles back to that level. That mark is an area bitcoin once struggled to top, and “previous levels of resistance, once overcome, have become levels of support,” he wrote.

Peter L. Brandt
Bitcoin might draw buyers if it slumps to $8,100.

Bitcoin spent the weekend hitting a fresh record above $11,700. Other recent predictions include a former hedge-fund manager’s call for the cryptocurrency to hit $40,000 by the end of next year.

Read: Bitcoin lays waste to a year’s worth of ‘bubble’ calls

And see: How the rip for bitcoin may be nearing tulip-mania levels

More from MarketWatch

Source : https://www.marketwatch.com/story/whats-next-for-bitcoin-legendary-trader-says-14000-is-his-best-guess-2017-12-04

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