Veteran Trader Peter Brandt Reveals When Bitcoin Will Enter 'Banana Zone'

U.Today - Peter Brandt, who is considered a legend and veteran of the financial markets and has been active for over 50 years, recently made a bold prediction regarding Bitcoin (BTC).

Brandt's prediction revolves around the "Banana Zone" phenomenon, which has been heavily influenced by Raoul Pal this year. The "banana zone" is a theoretical period on the market when the price of an asset follows a trajectory reminiscent of a banana, i.e., parabolically rising and expanding.

Pal has long speculated that Bitcoin and the cryptocurrency market in general will enter a "banana zone" this cycle. Although it has not happened yet, the former Goldman Sachs top manager is not giving up and insists that such a time will come, but according to his latest take, "no talk of yellow fruit until we cleanly break $70,000."

At the time, Peter Brandt weighed in with his views on when the major cryptocurrency might enter a period of unbridled parabolic growth, and if Pal is waiting until $70,000 is secured, Brandt is waiting for $72,000.

Preparatory workThe logic behind such an assessment may be that this is almost a relevant all-time high for the price of Bitcoin, which was only reached in March this year.

Following Brandt's logic, we can say that until the cryptocurrency shows bullish ambitions right next to its historical high, talk of a "banana zone" is premature.

So, while the "banana zone" is yet to come, in the meantime, all eyes will be on the $72,000 mark on the Bitcoin price chart.

Source: Investing.com