As an analyst with over two decades of experience in trading and market analysis, I find Peter Brandt’s latest chart on Bitcoin intriguing. Given his impressive track record and deep understanding of the markets, I tend to give credence to his technical insights.
Trading legend Peter Brandt has injected some optimism into the embattled Bitcoin community with his latest chart.
As a researcher delving into the realm of digital currencies, I find myself intrigued by Brandt’s latest graphical analysis. It suggests that, despite the current bearish trends, the largest cryptocurrency could potentially continue its parabolic climb.
According to a well-known commodity trader’s prediction, Bitcoin might hit an estimated high of around $150,000 by the end of 2025.
Prominent Bitcoin analyst Tuur Demeester believes that such a scenario is plausible.
According to the most recent data, the trend supports Brandt’s previous forecast that Bitcoin could reach approximately $150,000 in its current bullish phase, as he had predicted earlier.
In simpler terms, Bitcoin experienced a downturn on September 6, dropping to around $52,000. However, it has shown signs of recovery and reached an upward surge of approximately $58,070 on the Bitstamp exchange by August 9.
According to U.Today’s report, Brandt has expressed concerns within the community about potential issues for Bitcoin bulls. He highlighted a pattern of decreasing highs and decreasing lows among other factors as areas of worry.
After the recent drop in the value of the cryptocurrency, the “Fear and Greed” index has fallen into the “extreme fear” zone again.
As an analyst, I’m observing a gradual enhancement in market sentiment towards Bitcoin (BTC). It appears that Bitcoin could potentially regain the $60,000 mark, leading many of us to revive our bullish projections for its price.
Even though it has been mentioned, bulls still need to make some efforts to turn September profitable for them, as Bitcoin continues to drop by approximately 3.5% since the beginning of this month.
It is worth noting that Brandt has rejected the idea that Bitcoin might in the process of forming the bullish inversed head-and-shoulders pattern. However, he did not rule out that there could be other chart reasons for optimism.
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2024-09-10 09:15