As a seasoned researcher with a background in financial markets and cryptocurrencies, I have closely followed Peter Brandt’s analysis for quite some time. His recent bearish warning about Bitcoin is worth taking seriously, given his extensive experience and proven track record. The sequence of lower highs and lower lows that he has identified could indeed indicate a loss of momentum in the current price action.
Recently on X’s social media platform, Peter Brandt cautioned against investing in Bitcoin, the foremost cryptocurrency, due to its supposed bearish trend.
Although the cryptocurrency has bounced back from its recent market downturn rather swiftly, Brandt observes that it has been displaying a pattern of successively lower peaks and troughs.
As a researcher observing market trends, I notice that the succession of lower highs and lower lows in the current price momentum could be a sign that its strength may be waning.
It continued despite the halving and the hype surrounding Bitcoin exchange-traded funds (ETFs).
I’ve noticed an astonishing change in the cryptocurrency market sentiment within a short span of time. According to U.Today, we moved from an intense fear phase to one of unchecked greed.
I analyzed the cryptocurrency market on July 17 and identified that Bitcoin hit its peak at $66,129, marking its highest price since late June. The surge in Bitcoin’s value can be attributed to two significant factors from my perspective as an analyst: firstly, anticipation of a more accommodative monetary policy by the U.S. Federal Reserve; secondly, robust demand for Bitcoin Exchange-Traded Funds (ETFs).
Yesterday, the price of the dominant cryptocurrency momentarily dropped below $64,000 as a result of poor performance in the U.S stock market.
What is the maximum potential value for Bitcoin according to Brandt’s prediction during this cycle? Notably, he has suggested that it could potentially hit $150,000. However, there is also a 25% likelihood that Bitcoin may not set a new peak and fail to reach this level.
At press time, Bitcoin is changing hands at $64,943, according to CoinGecko data.
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2024-07-18 09:34