Bitcoin smashes $47,000 and Bitcoin price prediction of Cathie Wood and Peter Brandt

Bitcoin continues to rise in recent days. The Bitcoin price just broke the $47,000 level and Bitcoin is now trading at $47,500. This is an increase of more than 6%.

Two Wall Street legends spoke about their price expectations for Bitcoin in the coming weeks and months, and both were very bullish. Famous stock picker Cathie Wood sees that gold investors are slowly but surely switching to crypto. Peter Brandt, who has been looking at stock market charts for 30 years, sees a very nice trend emerging for the largest digital currency.

JUST IN: #Bitcoin smashed $47,000! 💥🚀💥 pic.twitter.com/CHkAkWZWCS

— Bitcoin Archive (@BTC_Archive) February 9, 2024

Gold

Cathie Wood was the first to predict that the Bitcoin price would fall after an ETF (Exchange traded fund) would be approved by the SEC in January. That happened exactly as she said, but in the meantime the largest digital currency is trading up again. Cathie now sees a new trend emerging.

“Relative to gold, Bitcoin has been rising. There’s now a substitution into Bitcoin and we think that is going to continue now that there is a less friction-filled way to access Bitcoin,” she explained in a chat with chief futurist Brett Winton on ARK Invest’s YouTube channel.

Peter Brandt expects a parabolic move up

Peter Brandt, the well-known investor and analyst who has been looking at and discussing charts for more than 30 years, also has good news for Bitcoin. He noticed a something in the current Bitcoin graph that he also saw in 2021.

Is history repeating itself?
As Yogi Berra once said, “it’s like deja vu all over again.”#Bitcoin pic.twitter.com/SNXWc3ko5g

— Peter Brandt (@PeterLBrandt) February 6, 2024

It’s called the Bump, Hump, Lump and Dump and if Peter’s correct than we would be positioned at the start of a new parabolic move up. Back in 2021 when he noticed it, Bitcoin rose from $25k all the way to $69k.

Since the starting point is much higher this time, does that mean we’ll end up around $100k this time? Or am I being just a tad too optimistic?