Experienced trader and market analyst Peter Brandt, well-known in the cryptocurrency community for correctly forecasting Bitcoin‘s 84% drop in 2018, now believes Bitcoin is headed towards $80,000 in the upcoming period.
Brandt pointed out in his latest post on microblogging site X (previously Twitter), that every Bitcoin bull market follows a similar trend: after reaching a resistance point, the price of Bitcoin experiences a significant decrease before recovering.
According to Brandt’s analysis, Bitcoin’s price may dip down to roughly $59,000 during this market cycle before experiencing a recovery.
This same basic pattern has been common in past bull markets in Bitcoin
— Peter Brandt (@PeterLBrandt) April 9, 2024
Brandt raises questions about the possibility of an typical altcoin boom, during which alternative cryptocurrencies noticeably increase in value after a surge in Bitcoin’s price.
The power of Bitcoin and its increasing preeminence in the crypto sphere might thwart this event. Bitcoin’s dominance refers to its proportion of the total cryptocurrency market, and a surge in dominance implies that Bitcoin is outperforming other digital currencies.
Some experts argue that since investors are increasingly purchasing Bitcoin via listed Bitcoin ETFs on authorized trading platforms, it’s challenging for those funds to be redirected towards altcoins offered on exchanges.
Previously in 2021, according to CryptoGlobe’s earlier reports, Brandt predicted that Bitcoin’s price might surge and reach around $200,000 by August or September of the coming year.
Brandt is renowned within the cryptocurrency community for having predicted bitcoin’s 84% plunge in 2018, bringing its value down to around $4,000 per coin. According to CryptoCompare records, this seasoned technical analyst was on the mark: towards the beginning of the year, BTC‘s price began to slide from its peak of almost $20,000, and by December it had reached a low of $3,200 before starting its rebound.
During an interview with Yahoo Finance, Brandt shared his perspective that the Bitcoin (BTC) price drop wasn’t a challenging prediction since history has shown other extreme price surges often result in declines of up to 90%. Furthermore, he forecasted that if BTC dipped below $3,000 during Q1 2019, it would continue downward to reach around $1,200. However, BTC did not hit the $3,000 mark in 2019, instead bouncing back and reaching new highs in 2021.
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2024-04-11 01:28