A crypto trader predicted that the Bitcoin crash could be coming to an end. rebound for the pioneer cryptocurrencyThis bullish projection comes amid the recent rise in Bitcoin’s price to $90,000. This projection is a bullish one, given the recent drop in Bitcoin’s price. downtrend in the price of BitcoinThe price of, the stock market index has dropped dramatically below $50,000 in recent weeks.
BTC Sets Rebound Goal of $90,000.
Twitter, formerly In an X post Peter Brandt, a crypto analyst who works for the Wall Street Journal, made an audacious prediction on August 5. Bitcoin could witness a significant rebound To $90,000. Share a chart that shows a series pump and dumps. Bitcoin’s value Brandt has been predicting that the first cryptocurrency will reach $90,000. before 2024.
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Brandt pointed out in his article that it is more important to focus on the possibilities than to worry about what will happen. The unique way of analyzing the markets avoids a dependence on assumptions, and is flexible enough to adapt to different market outcomes.
Brandt to give his opinion about the current state of the marketI am a member of the Crypto Community shared Over the past several months, they’ve been predicting a bullish flag for Bitcoin. Brandt’s prediction was questioned, as well as whether Bitcoin had hit a Fibonacci golden pocket – a critical Fibonacci Retracement Level that signals the end of a trend. next Potential resistance level
Brandt responded to the member of the cryptocommunity. negated There is a possibility that a Bitcoin bull flagAccording to various analytical technical authorities, including Schabacker Edwards Magee and others, bull flags are not supposed to last for more than 2 months. It is clear that bull flags should not last longer than two months. bull flag pattern If the problem persists for longer than two months then this does not qualify as a “bull flag”.
Also, when asked Brandt clarified This is because probabilities are based on assigning numbers to possibilities and making assumptions. Brandt revealed that he avoids trading based on assumption to be open to any possible outcome without bias.
Bitcoin Regains Strength after 23% Market Drop
Brandt had predicted that Bitcoin would rebound up to $90,000. However, Bitcoin’s price was in a dramatic decline. Over the past seven days, Bitcoin’s price had fallen CoinMarketCap estimates that Bitcoin has fallen by 23% to about $52,000.
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Even though the recent price crashBitcoin is a relatively new currency. regained positive momentumThe price has increased by 11.77% in 24 hours. CoinMarketCap reported that Bitcoin’s trading volume daily has increased by 30.65%.
It appears that the cryptocurrency is breaking free of its current state. previous bearish trendsThe price is slowly approaching the previous peak around $60,000 Bitcoin was trading for $55,903 at the time this article was written.
Chart from Tradingview.com. Image from Skilling.com.
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Source: www.newsbtc.com