Veteran trader Peter Brandt is predicting a big Bitcoin (BTC) price jump, but he’s also hedging his bets.
Bitcoin’s Potential $150,000 Rally
Brandt, a well-known figure in the trading world, believes BTC could skyrocket to $150,000 this year – a nearly 50% increase from current prices. He’s basing this on a bullish chart pattern he’s identified, similar to one seen before Bitcoin’s previous surge. This pattern involves a “bump, hump, slump, and dump,” with the final “dump” potentially taking BTC down to around $84,000 before the big climb. He emphasizes that major market rallies usually happen after retail investors are exhausted.
The Bearish Side of the Coin
However, Brandt isn’t entirely bullish. Using Bayesian analysis, which considers various possibilities, he acknowledges a significant chance (over 50%) of a major Bitcoin price crash. He points to a bearish “head-and-shoulders” pattern on the daily chart, which often signals a price reversal. He’s clearly aware of the risks, given his long career in trading. He’s essentially saying: “I think it could go up, but it could also go down a lot.”
Cardano’s Potential Breakout
Brandt also shared his thoughts on Cardano (ADA), an Ethereum competitor. He believes ADA has hit its bottom and is poised for a substantial rally, potentially breaking through the $1.09 resistance level. He’s calling it a “grand bull market” for ADA.
Disclaimer: This is not financial advice. Investing in cryptocurrencies is risky. Do your own research before making any investment decisions.
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