A renowned technical analyst weights on Bitcoin's path to $100,000

One of the most prominent technical analysts in the crypto community recently laid out his bullish and bearish outlooks for Bitcoin.

Peter Brandt, a 45-years trading veteran, shared a BitcoinLive's public post where he talks about the different paths that Bitcoin could take in the future.

"I believe in the long term narrative of Bitcoin. Bitcoin is indeed going to $100,000, if not substantially more. Based not only on what I understand to be the fundamentals, but also what I see to be the overall classical chart context of the market."

The CEO at Factor LLC maintains that Bitcoin will likely rebound from the lower boundary of the multi-month descending parallel channel that is developing on its 1-day chart.

Now that Bitcoin is trading around the bottom of the channel, Brandt argues that a bottom is "Imminent." And, BTC could soon break out of the channel in an upward direction to begin a new parabolic phase.

Despite the bullish outlook, the analyst explained that if the lower boundary of the channel is not able to hold, then Bitcoin would be bound for a further downward push.

Under this premise, the author of Diary of a Professional Commodity Trader assumes that since Bitcoin recently violated its fourth parabola, it could retrace to at least $5,324.

"The bitcoin maximalists, of course, would that say 'there is nothing that will knock me out of this market. I will ride the market to zero. I can take anything the market would give me.' Well, I want to tell you, anyone who says 'this time is different,' is wrong."

The trading veteran guaranteed that if Bitcoin closes below the lower boundary of the descending parallel channel, 90 percent of those people that claim that they are in this market forever will capitulate.

It is time to "Wait and see" what is going to happen to Bitcoin.