Bitcoin Crash May Be Over As Crypto Trader Predicts Significant Drop Rebound for pioneer cryptocurrencypredicting that Bitcoin will reach new all-time highs of $90,000. This bullish projection comes amid the recent Bitcoin price downtrendwhich saw a dramatic drop below $50,000 at one point in recent weeks.
$90,000 Rebound Target Set for BTC
In an X (formerly Twitter) job On August 5, crypto analyst Peter Brandt made a bold prediction, suggesting that Bitcoin Could See a Significant Rebound to $90,000 this bull cycle. Sharing a price chart illustrating a series of pumps and dumps in The Value of Bitcoin Since the beginning of the year, Brandt has predicted that the pioneering cryptocurrency will reach $90,000 before the end of 2024.
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In his article, Brandt emphasized the importance of focusing on what could potentially happen (possibilities), rather than what is likely to happen (probabilities) or what is considered certain (certainties). This unique approach to market analysis avoids over-reliance on assumptions and remains flexible in the face of varying market outcomes.
I am looking for Brandt’s opinion on the current market statusa member of the crypto community sharing They have been predicting a bull flag for Bitcoin over the past few months. They asked if Brandt agreed with that prediction and if Bitcoin had reached a golden pocket, a key Fibonacci retracement level that often signals the next potential resistance level.
In response to crypto community member Brandt denied the possibility of a Bitcoin Bullish Flagciting various technical analytical authorities such as Schabacker, Edwards and Magee, who claim that bull flags should not last more 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 of a bull flag.
Moreover, when request by another crypto member if a possibility was just a type of probability, Brandt clarified that possibilities cannot be described as probability, because probabilities involve assigning numbers and making assumptions. Brandt revealed that he strictly avoids trading based on assumptions in order to remain open to all possible outcomes without bias.
Bitcoin regains strength after 23% market plunge
Before Brandt predicted a rebound to $90,000 for Bitcoin, the cryptocurrency had been experiencing a sharp decline in price. Over the past week, Bitcoin price has dropped to around $52,000, marking a significant drop of more than 23%, according to CoinMarketCap.
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Despite recent Falling pricesBitcoin apparently has has regained positive momentumrecording a price increase of 11.77% in just 24 hours. According to reports from CoinMarketCap, Bitcoin’s daily trading volume has also increased by 30.65%.
Cryptocurrency seems to be coming out of its previous downward trendsgradually approaching previous price highs around $60,000. At the time of writing, Bitcoin is trading at $55,903.
Featured image from Skilling.com, chart from Tradingview.com
