Bitcoin’s crash may be over, as one crypto trader predicts a major drop Leading cryptocurrency reboundsexpecting Bitcoin to rise to an all-time high of $90,000. This bullish prediction comes amid Bitcoin price downtrendwhich saw a dramatic collapse below $50,000 at one point over the past few weeks.
Bitcoin’s $90K Recovery Target Set
In X (formerly Twitter) mail On August 5, cryptocurrency analyst Peter Brandt made a bold prediction, stating that Bitcoin could see a major rebound to $90,000 in this bullish cycle. Share a price chart depicting a series of pumps and dips in Bitcoin value Since the beginning of the year, Brandt has predicted that the leading cryptocurrency will reach $90,000 before the end of 2024.
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Throughout his article, Brandt emphasized the importance of focusing on what could happen (probabilities), rather than what is likely to happen (probabilities) or what is believed to be certain (certainties). This unique approach to market analysis avoids over-reliance on assumptions and remains flexible to different market outcomes.
Brandt’s opinion was requested. Current Market Situationa member of the crypto community subscriber They had predicted that Bitcoin would see a sharp rise over the past few months. They asked whether Brandt agreed with this prediction and whether Bitcoin had reached the golden pocket, a major Fibonacci retracement level that often signals the next potential resistance level.
In response to crypto community member, Brandt exile Possibility of existence Bitcoin bull flagciting various technical analytical authorities such as Schabacker, Edwards and Magee, who have stated that bull flags should not last for more than two months. This ultimately suggests that if there is supposed to be a bull flag pattern If it lasts for more than two months, it does not meet the criteria for Taurus.
In addition, when Requested By another crypto member If possibility is just a kind of possibility, Brandt It has been clarified. Odds are not probabilistic because odds involve assigning numbers and making assumptions. Brandt revealed that he completely avoids trading based on assumptions in order to remain open to all possible outcomes without bias.
Bitcoin regains strength after 23% market crash
Before Brandt predicted that Bitcoin would hit $90,000, the cryptocurrency saw a sharp drop in its price. Over the past week, Bitcoin price has dropped to around $52,000, a massive drop of more than 23%, according to CoinMarketCap.
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Despite recent events Price collapseBitcoin seems to have regain positive momentumBitcoin has seen a price increase of 11.77% in just 24 hours. According to CoinMarketCap, Bitcoin’s daily trading volume has also increased by 30.65%.
Cryptocurrency seems to be going out of its way Previous downtrendsis steadily approaching its previous price highs at $60,000. At the time of writing, Bitcoin is trading at $55,903.
Featured image from Skilling.com, chart from Tradingview.com