Bitcoin to reach $79,800 by August 6th, 2024
Veteran trader Peter Brandt has given Bitcoin fans optimism by recognizing a buying opportunity despite the cryptocurrency's price drop.
Despite the coin's hazardous position near support, Brandt, a market expert, sees a short-term buying signal. Fears persist as market volatility casts a shadow on the digital asset.
Brandt uses the "foot shot pattern," a technical indication that predicts price rises. Against the pessimistic market atmosphere, this positive view jumps out.
The Fear and Greed Index, a prominent investor mood indicator, is 29—firmly in the “Fear” zone. In the last month, Bitcoin has lost almost 10% of its value, fueling worries of a further fall.
Brandt joins a growing number of famous personalities supporting Bitcoin despite market worries. Robert Kiyosaki, author of the best-selling personal finance book “Rich Dad Poor Dad,” plans to acquire more Bitcoin during the price drop.
This supports Brandt's estimate of a price decrease to $48,000 before a major turnaround. Both men think Bitcoin's long-term promise exceeds its volatility.
Brandt analyzes Bitcoin's potential beyond price fluctuations. He finds a bullish “Inverse Head and Shoulders” pattern on the Bitcoin price chart, a sign of market upswings.
Brandt compares this tendency to gold bull runs and predicts Bitcoin may soon rise significantly. Some price estimates suggest Bitcoin would hit $79,800 by August 6, 2024, a substantial rise from its present price.
Brandt and Kiyosaki's statements give Bitcoin bulls optimism, but they should still be skeptical. The cryptocurrency market is unpredictable, and short-term price estimates are incorrect. Brandt and Kiyosaki are positive on Bitcoin, which may prejudice their views.
