As a seasoned crypto investor with over a decade of market experience under my belt, I find myself intrigued by Peter Brandt’s latest prediction of Bitcoin hitting $150,000 by next September. I’ve seen enough bull and bear runs to last a lifetime, and I must admit that this forecast has caught my attention.
Trading legend Peter Brandt has suggested that Bitcoin could be on the cusp of a historic move.
Brandt’s chart shows an inverted expanding triangle. Two downward trendlines have connected the lower highs and the lower lows, respectively.
This past week, the trader indicated that so far, the pattern of decreasing highs followed by decreasing lows hasn’t been broken. He is optimistic and predicts that Bitcoin could reach approximately $150,000 by September of the coming year.
If we see a breakthrough above the current upward trendline, it’s possible that we might witness an immediate steep increase following the period of consolation.
Right now, based on information from CoinGecko, the top cryptocurrency’s value is being traded for approximately $67,520. Over the last day, its price has experienced a minimal decrease of just 0.1%.
Some analysts have noted that due to Bitcoin’s relatively low trading activity, it might struggle to make a strong upward surge. As one X user put it, “The greater the number of people anticipating a market event, the higher the risk of disappointment.
It’s been observed by many that public interest in Bitcoin appears to be quite low. As reported by U.Today, searches for “Bitcoin” on Google hit their lowest point this year earlier this month. Interestingly, the general public seems oblivious to the fact that Bitcoin is just 8.5% shy of reaching its record high price.
There is visible frustration with Bitcoin’s seemingly never-ending streak of range-bound trading.
Even though Bitcoin appears to be sluggish in its performance, the significant influx of funds into IBIT is one factor that could be contributing to some market participants’ reluctance or slow response. As U.Today reported, the ETF amassed a staggering $329 million in Bitcoin on Monday alone.
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2024-10-22 23:14