Bitcoin took a nosedive recently, dropping below $50,000. But one trader thinks the worst is over and Bitcoin is about to bounce back in a big way.
$90,000? That’s the Goal
Peter Brandt, a well-known crypto analyst, is predicting Bitcoin will reach a new all-time high of $90,000 by the end of 2024. He’s basing this on his analysis of Bitcoin’s price history, which shows a pattern of ups and downs.
Brandt emphasizes that he focuses on what could happen, not what’s likely
or certain. This helps him avoid getting stuck on assumptions and stay open to different market outcomes.
No Bull Flag Here
When asked about a possible “bull flag” pattern in Bitcoin’s price, Brandt said it’s unlikely. He cites experts who say bull flags shouldn’t last longer than two months.
Brandt also clarified that “possibilities” are different from “probabilities.” Probabilities involve assigning numbers and making assumptions, which Brandt avoids to keep his trading unbiased.
Bitcoin’s Comeback
Before Brandt’s prediction, Bitcoin had a rough week, losing over 23% of its value. But it seems to be turning things around. In the last 24 hours, Bitcoin has gained over 11% and trading volume has jumped significantly.
Bitcoin is now approaching the $60,000 mark, showing signs of breaking out of its recent downward trend.
