Prominent trader Peter Brandt predicts Bitcoin could reach $150,000 during the ongoing bullish cycle, based on historical price patterns.
Brandt warns there’s a 25% chance Bitcoin has peaked this cycle and will raise the risk of Exponential Decay if it drops below $55,000.
Bitcoin is currently trading at $68,991.48, with a market cap of $1.36 trillion, showing a 1.96% increase in the last 24 hours.
Renowned trader Peter Brandt has made headlines with his bold prediction that Bitcoin’s price could soar to an impressive $150,000 during the current bullish cycle. Brandt’s forecast hinges on his analysis of Bitcoin’s historical price patterns, specifically noting that the peaks of the cryptocurrency’s last two cycles align well with an inverted parabolic curve. If this pattern persists, Bitcoin could achieve the lofty price target Brandt anticipates.
Peter Brandt has predicted that the Bitcoin price could potentially reach a whopping $150,000 during the ongoing bullish cycle. pic.twitter.com/0IuhEoXcGC
— BULLSTREET GROUP (@Bullstreetgroup) June 3, 2024
Peter Brandt’s analysis is rooted in technical chart patterns, particularly focusing on the inverted parabolic curve that has historically aligned with Bitcoin’s price peaks. According to Brandt, if Bitcoin continues to follow this trend, it is poised to reach $150,000. However, he emphasizes that his method is not infallible. Brandt cautions traders to remain vigilant and consider the inherent risks, noting that there is no guarantee that past patterns will dictate future performance.
While Brandt remains optimistic about Bitcoin’s potential to hit new highs, he has also issued a stark warning. He estimates a 25% chance that Bitcoin has already reached its peak for this cycle. Brandt’s caution is based on the current market dynamics and the potential for an Exponential Decay scenario. He stated, “Should Bitcoin fail to make a decisive new all-time high and decline below $55,000, I will raise the probability of the Exponential Decay.” This underscores the importance of monitoring Bitcoin’s price movements closely.
As of today, Bitcoin is trading at $68,991.48, with a 24-hour trading volume of $22,693,602,970.83. This represents a 1.96% increase in the last 24 hours and a 0.58% increase over the past week. With a circulating supply of 20 million BTC, Bitcoin’s market cap stands at $1,359,631,200,952. Notably, Bitcoin has outperformed the broader cryptocurrency market, which has seen a decline of 1.20% over the past week, while Bitcoin has experienced a modest 0.60% increase in the same period.
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