Crypto Expert Predicts Bitcoin Surge While Cautioning on Market Risks
Veteran trader Peter Brandt has shared a mixed outlook on Bitcoin, suggesting it could soar to $150,000 this year while warning of a possible sharp decline.
Brandt, known for his data-driven approach, bases his analysis on Bayesian methods, which consider past trends alongside current data to forecast potential outcomes.
He notes Bitcoin could either rise nearly 50% from its current price of $100,029 or face a steep correction exceeding 50%.
Brandt highlights conflicting signals in Bitcoin’s price charts. A bearish head-and-shoulders pattern could indicate a loss of momentum, signaling a downturn if key support levels are breached.
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Corporate Bitcoin Adoption Poised for Massive Growth, Says Bitwise CIOConversely, he points to a pattern he describes as “bump, hump, slump, and dump,” which suggests a short-term dip to $84,000 might precede a rally toward $150,000.
According to Brandt, significant market rallies often occur after retail traders grow weary or exit the market entirely.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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