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.
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.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
