7 August 2024
The Bitcoin crash may be over, as a crypto trader has predicted a significant rebound for the pioneer cryptocurrency, foreseeing Bitcoin soaring to new all-time highs of $90,000. This bullish projection comes amid the recent downtrend in the price of Bitcoin, which saw a dramatic crash below $50,000 at some point over the past few weeks.
$90,000 Rebound Target Set For BTC
In an X (formerly Twitter) post on August 5, crypto analyst, Peter Brandt made a bold prediction, suggesting that Bitcoin could witness a significant rebound to $90,000 this bull cycle. Sharing a price chart depicting a series of pumps and dumps in Bitcoin’s value since the beginning of the year, Brandt foresees the pioneer cryptocurrency hitting $90,000 before the end of 2024.
During his post, Brandt emphasized the importance of focusing on what could potentially happen (possibilities), rather than what is likely to happen (probabilities) or what is believed to be certain (certainties). This unique approach to analyzing the market avoids over-dependence on assumptions and remains flexible to various market results.
Seeking Brandt’s opinion on the current state of the market, a crypto community member shared that they have been forecasting a bull flag for Bitcoin over the past few months. They inquired if Brandt concurred with this prediction and if a Bitcoin has reached a golden pocket, a key Fibonacci retracement level that often signals the next potential resistance level.
Responding to the crypto community member, Brandt negated the possibility of a Bitcoin bull flag, citing various technical analytical authorities such as Schabacker, Edwards, and Magee, who state that bull flags should not last longer than two months. This ultimately suggests that if a supposed bull flag pattern has persisted for more than two months, then it does not meet the criteria for a bull flag.
Additionally, when asked by another crypto member if a possibility was just a type of probability, Brandt clarified that possibilities could not be described as a probability because probabilities involve assigning numbers and making assumptions. Brandt has disclosed that he strictly avoids trades based on assumptions to remain open to all possible outcomes without bias.
Bitcoin Regains Strength After 23% Market Crash
Before Brandt predicted a rebound to $90,000 for Bitcoin, the cryptocurrency had experienced a sharp decline in its price. Over the past week, Bitcoin’s price had fallen to around $52,000, marking a significant drop of more than 23%, according to CoinMarketCap.
Despite the recent price crash, Bitcoin has seemingly regained positive momentum, recording a price increase of 11.77% in just 24 hours. Based on CoinMarketCap’s reports, Bitcoin’s daily trading volume has also surged by 30.65%.
The cryptocurrency appears to be breaking out of its previous bearish trends, steadily approaching previous price highs around the $60,000 mark. At the time of writing, Bitcoin is trading at $55,903.
Featured image from Skilling.com, chart from Tradingview.com