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.
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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."
$72k for me https://t.co/BOfiNsz8KM
— Peter Brandt (@PeterLBrandt) October 16, 2024
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 work
The 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.
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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.
