As a seasoned researcher with years of market analysis under my belt, I find Peter Brandt’s insights intriguing and well-grounded. His emphasis on dealing with possibilities instead of probabilities resonates with my own approach to trading. I’ve learned the hard way that assumptions can lead to costly mistakes.
Renowned Bitcoin trader Peter Brandt anticipates that the price of Bitcoin might yet reach $90,000 following its latest adjustment.
As a crypto investor, I find it prudent to focus on potential scenarios rather than mere probabilities. Probabilities are often quantified and can lead to making decisions based on presumptions. However, I prefer not to rely on presumptions when trading cryptocurrencies. In other words, I aim to be proactive by preparing for various possible outcomes instead of passively waiting for the most likely one to unfold.
According to U.Today’s report, Brandt forecasts a possible Bitcoin price surge to reach approximately $150,000 in the current market uptrend. This peak might occur around the year 2025, specifically in August.
Within the past month, Bitcoin plummeted to approximately $53,000, but swiftly, the bulls took control and propelled the digital currency dramatically upwards in just a short period. Consequently, this leading cryptocurrency displayed a significant shift in sentiment, moving from fear to greed within mere days.
Despite Bitcoin’s swift rebound, Brandt, as reported by U.Today, has issued a bearish forecast. He highlighted that the dominant cryptocurrency was developing a sequence of successively higher highs and higher lows, which suggests a decline in its bullish energy. This pattern is concerning.
Concurrently, Brandt observed that the current price decrease resembles its behavior within the 2015-2017 market trend, implying that the cryptocurrency could potentially continue in a bullish phase.
JPMorgan nailing the bearish target
It wasn’t just Brandt who had valid reasons to be pessimistic. In fact, last month, JPMorgan also predicted that Bitcoin was overvalued. They estimated Bitcoin’s reasonable value to be roughly $53,000.
The largest cryptocurrency is currently changing hands at $54,085, according to CoinGecko data.
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2024-08-05 21:50