Bitcoin crash may be over as crypto trader predicts significant drop a bounce for the pioneering cryptocurrencypredicting that Bitcoin will reach a novel all-time high of $90,000. This bullish forecast comes amidst recent bitcoin price downtrendwhich has fallen sharply below $50,000 over the past few weeks.
BTC rebound target set at $90,000
WX (formerly Twitter) fasting On August 5, cryptocurrency analyst Peter Brandt made a bold prediction, suggesting that Bitcoin could experience a significant rebound to $90,000 in this bull cycle. Providing a price chart showing a series of increases and decreases Bitcoin value Since the beginning of the year, Brandt has predicted that the pioneering cryptocurrency will hit $90,000 by the end of 2024.
In his post, Brandt emphasized the importance of focusing on what could potentially happen (possibilities) rather than what is likely to happen (probability) or what is considered certain (certainty). This unique approach to market analysis avoids over-reliance on assumptions and remains adaptable to varying market outcomes.
I’m looking for Brandt’s opinion on the subject current state of the marketmember of the cryptocurrency community common that they had been predicting a bull flag for Bitcoin over the past few months. They asked if Brandt agreed with that prediction and if Bitcoin had reached the golden pocket, a key Fibonacci retracement level that often signals the next potential resistance level.
In response to cryptocurrency community member Brandt negative possibility Bitcoin bull flagciting various technical authorities such as Schabacker, Edwards, and Magee who state that bull flags should not last longer than two months. Ultimately, this suggests that if the alleged bull flag pattern persists for more than two months, it does not meet the criteria for a bull flag.
In addition, when he asked by another crypto member, if the possibility was just a kind of probability, Brandt explained that possibilities cannot be described as probabilities because probabilities involve assigning numbers and making assumptions. Brandt revealed that he strictly avoids trading based on assumptions in order to remain open to all possible outcomes without prejudice.
Bitcoin Recovers After 23% Market Crash
Before Brandt predicted a rebound to $90,000 for Bitcoin, the cryptocurrency experienced a acute decline in price. Over the past week Bitcoin price dropped to around $52,000, down more than 23%, according to CoinMarketCap.
Despite the recent price collapseBitcoin apparently regained positive momentumrecording a price boost of 11.77% in just 24 hours. Based on CoinMarketCap reports, Bitcoin’s daily trading volume also increased by 30.65%.
It seems that the cryptocurrency is breaking out of its previous downtrendssteadily approaching previous price highs near $60,000. At the time of writing, Bitcoin is trading at $55,903.
Featured image from Skilling.com, chart from Tradingview.com
