Bitcoin Crash Over? Veteran Trader Predicts Rebound To $90,000
2024年8月7日 - 9:30AM
NEWSBTC
The Bitcoin crash may be over, as a crypto trader has predicted a
significant rebound for the pioneer cryptocurrency, foreseeing
Bitcoin soaring to new all-time highs of $90,000. This bullish
projection comes amid the recent downtrend in the price of Bitcoin,
which saw a dramatic crash below $50,000 at some point over the
past few weeks. $90,000 Rebound Target Set For BTC In an X
(formerly Twitter) post on August 5, crypto analyst, Peter Brandt
made a bold prediction, suggesting that Bitcoin could witness a
significant rebound to $90,000 this bull cycle. Sharing a price
chart depicting a series of pumps and dumps in Bitcoin’s value
since the beginning of the year, Brandt foresees the pioneer
cryptocurrency hitting $90,000 before the end of 2024.
Related Reading: Dogecoin Open Interest Sees Sharp 24% Drop, Where
Does Price Go From Here? During his post, Brandt emphasized the
importance of focusing on what could potentially happen
(possibilities), rather than what is likely to happen
(probabilities) or what is believed to be certain (certainties).
This unique approach to analyzing the market avoids over-dependence
on assumptions and remains flexible to various market
results. Seeking Brandt’s opinion on the current state of the
market, a crypto community member shared that they have been
forecasting a bull flag for Bitcoin over the past few months. They
inquired if Brandt concurred with this prediction and if a Bitcoin
has reached a golden pocket, a key Fibonacci retracement level that
often signals the next potential resistance level. Responding to
the crypto community member, Brandt negated the possibility of a
Bitcoin bull flag, citing various technical analytical authorities
such as Schabacker, Edwards, and Magee, who state that bull flags
should not last longer than two months. This ultimately suggests
that if a supposed bull flag pattern has persisted for more than
two months, then it does not meet the criteria for a bull
flag. Additionally, when asked by another crypto member if a
possibility was just a type of probability, Brandt clarified that
possibilities could not be described as a probability because
probabilities involve assigning numbers and making assumptions.
Brandt has disclosed that he strictly avoids trades based on
assumptions to remain open to all possible outcomes without
bias. Bitcoin Regains Strength After 23% Market Crash Before
Brandt predicted a rebound to $90,000 for Bitcoin, the
cryptocurrency had experienced a sharp decline in its price. Over
the past week, Bitcoin’s price had fallen to around $52,000,
marking a significant drop of more than 23%, according to
CoinMarketCap. Related Reading: VanEck CEO Compares Bitcoin
Adoption To Gold, Reveals Why Price Will Touch $350,000 Despite the
recent price crash, Bitcoin has seemingly regained positive
momentum, recording a price increase of 11.77% in just 24 hours.
Based on CoinMarketCap’s reports, Bitcoin’s daily trading volume
has also surged by 30.65%. The cryptocurrency appears to be
breaking out of its previous bearish trends, steadily approaching
previous price highs around the $60,000 mark. At the time of
writing, Bitcoin is trading at $55,903. Featured image from
Skilling.com, chart from Tradingview.com
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