Trading legend Peter Brandt believes that the price of Bitcoin could still surge to the $90,000 level after its most recent correction.
Important to always deal with PossibilitiesNot Probabilitiesand never Certainties$BTC pic.twitter.com/4xwrcQpcHE
— Peter Brandt (@PeterLBrandt) August 5, 2024
The commodity trader has stressed that it is important to deal with possibilities instead of probabilities. "Probabilities get assigned a number and then can establish assumptions. I do not want to trade based on assumptions," he said in a social media post.
As reported by U.Today, Brandt predicted that Bitcoin could potentially peak at as high as $150,000 during this bullish cycle. This could happen around August 2025.
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Last month, Bitcoin crashed to $53,000, but the bulls seized the initiative and pushed the cryptocurrency sharply higher in virtually no time. As a result, the largest cryptocurrency recorded a sharp sentiment jump, going from fear to greed in mere days.
However, as reported by U.Today, Brandt recently issued a bearish warning despite Bitcoin's rapid recovery. The legendary trader pointed to the fact that the leading cryptocurrency was forming a series of higher highs and higher lows. The ominous pattern indicated that the cryptocurrency was losing its bullish momentum.
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At the same time, Brandt noted that the recent price drop is similar to its price action during the 2015-2017 market cycle, meaning that the cryptocurrency might still remain in a bull market.
JPMorgan nailing the bearish target
Brandt is not the only one who was right to be bearish. Last month, JPMorgan correctly claimed that the leading cryptocurrency was overpriced. The banking giant estimated that Bitcoin's fair value was around $53,000.
The largest cryptocurrency is currently changing hands at $54,085, according to CoinGecko data.
