The Bitcoin crash could also be over, as a crypto trader has predicted a big rebound for the pioneer cryptocurrency, foreseeing Bitcoin soaring to recent all-time highs of $90,000. This bullish projection comes amid the recent downtrend in the value of Bitcoin, which saw a dramatic crash below $50,000 sooner or later over the past few weeks.
$90,000 Rebound Goal Set For BTC
In an X (formerly Twitter) post on August 5, crypto analyst, Peter Brandt made a daring prediction, suggesting that Bitcoin could witness a big rebound to $90,000 this bull cycle. Sharing a price chart depicting a series of pumps and dumps in Bitcoin’s value because the starting of the 12 months, Brandt foresees the pioneer cryptocurrency hitting $90,000 before the top of 2024.
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Source: X
During his post, Brandt emphasized the importance of specializing in what could potentially occur (possibilities), fairly than what’s more likely to occur (probabilities) or what’s believed to make certain (certainties). This unique approach to analyzing the market avoids over-dependence on assumptions and stays flexible to numerous market results.
In search of Brandt’s opinion on the current state of the market, a crypto community member shared that they’ve 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 usually signals the subsequent potential resistance level.
Responding to the crypto community member, Brandt negated the potential for a Bitcoin bull flag, citing various technical analytical authorities resembling Schabacker, Edwards, and Magee, who state that bull flags shouldn’t last more than two months. This ultimately suggests that if a supposed bull flag pattern has persevered for greater than two months, then it doesn’t meet the standards for a bull flag.
Moreover, when asked by one other crypto member if a possibility was only a form of probability, Brandt clarified that possibilities couldn’t 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 stay 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 pointy decline in its price. Over the past week, Bitcoin’s price had fallen to around $52,000, marking a big drop of greater than 23%, in accordance with CoinMarketCap.
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Despite the recent price crash, Bitcoin has seemingly regained positive momentum, recording a price increase of 11.77% in only 24 hours. Based on CoinMarketCap’s reports, Bitcoin’s each day 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 across the $60,000 mark. On the time of writing, Bitcoin is trading at $55,903.
BTC price reverses gains from $56,000 | Source: BTCUSD on Tradingview.com
Featured image from Skilling.com, chart from Tradingview.com