The recent downturn in Bitcoin’s value may be coming to an end, as a prominent crypto trader has forecasted a remarkable surge for the pioneering cryptocurrency. This trader predicts Bitcoin soaring to unprecedented heights of $90,000. This optimistic outlook emerges amid a recent period of significant decline, during which Bitcoin’s price plummeted below $50,000.
Crypto analyst Peter Brandt took to the social media platform X (formerly Twitter) on August 5 to make this bold prediction. Using a detailed price chart, Brandt illustrated a series of fluctuations in Bitcoin’s value since the start of the year. He anticipates that the cryptocurrency will climb to $90,000 before the end of 2024.
In his post, Brandt highlighted the importance of considering potential outcomes rather than relying on probabilities or certainties. This approach emphasizes maintaining flexibility and not becoming overly dependent on assumptions, thus allowing for a broader range of market possibilities.
The discussion gained momentum when a member of the crypto community shared their outlook, suggesting a bull flag for Bitcoin in recent months. They queried Brandt about this possibility, asking if Bitcoin had reached a ‘golden pocket,’ a crucial Fibonacci retracement level signaling potential resistance. Brandt refuted the notion of a bull flag, referencing well-regarded technical analysts like Schabacker, Edwards, and Magee, who assert that bull flags should not exceed a two-month duration. Accordingly, any pattern persisting beyond this would not qualify as a bull flag.
In response to another community member who implied that possibilities are a form of probability, Brandt clarified his stance. He explained that possibilities cannot be quantified as probabilities since the latter involves assigning numerical values and making assumptions. Brandt avoids assumptions in his trades, ensuring he remains open to all potential market outcomes.
Before Brandt’s optimistic $90,000 projection, Bitcoin experienced a steep decline. Over the past week alone, its price had dwindled to approximately $52,000, a notable drop of over 23%, according to CoinMarketCap. Despite this setback, Bitcoin has managed to regain some positive momentum, showing an 11.77% price increase within just 24 hours. CoinMarketCap also reported a 30.65% surge in Bitcoin’s daily trading volume.
As Bitcoin begins to break away from its bearish trend, it is steadily moving towards previous high levels around $60,000. At the time of this reporting, Bitcoin is trading at $55,903, suggesting a possible recovery and strengthening of the cryptocurrency market.
