SNEAK PEEK
- Peter Brandt foresees a potential Bitcoin breakout, predicting a rise to over $90,000.
- Bitcoin’s recent $49k dip mirrors past cycles, indicating a possible new upward trend.
- Despite volatility, Brandt’s historical analysis suggests bullish potential for Bitcoin.
Bitcoin’s market fluctuations interested Peter Brandt, a professional trader who believes that an important turning point might be initiated with this cryptocurrency. This was preceded by a steep drop that Bitcoin went through this week, albeit briefly, bringing its value as low as $49,000. As such, Brandt notes this decline could be the first of many that start new cycles, as evidenced by previous cycles.
Peter Brandt, a prominent analyst on the social media site X, explained that cryptocurrency mimics the pattern of previous cycles. This halving event cut the miners’ reward in half, and according to Brandt, a 26% drop from the weekly close this year is expected after this event.
Please note that $BTC decline since halving is now similar to that of the 2015-2017 Halving Bull market cycle pic.twitter.com/cIm3WKzBog
— Peter Brandt (@PeterLBrandt) August 5, 2024
This decline mirrored the 2015-2017 cycle when Bitcoin experienced a significant drop before rallying to reach new all-time highs.
Chartist Peter Brandt’s comments on the recent price flip on Bitcoins, based on the past three years and market dynamics, suggest that Bitcoin still has the potential to leap. With such fluctuations continuing in the cryptocurrency market, Brandt’s views inspire a positive outlook in those investors who seek to operate within today’s environment.
The price of Bitcoin is currently $57,333.13, and its 24-hour trading volume is $46,754,580,776. Despite the recent downturn, Bitcoin increased by 3.94% on the last day. But in the last week, it has dropped by -13.56%. As a result of this volatility, many traders and experts are keeping a close eye out for breakout signals.
Brandt’s mention of the laser eyes meme, which gained popularity in 2022 as a symbol of bullish sentiment, suggests a positive outlook for Bitcoin’s future trajectory. While some traders remain cautious, others are optimistic about potential significant gains in the coming months.
Chartist Peter Brandt’s comments on the recent price flip on Bitcoins, based on the past three years and market dynamics, suggest that Bitcoin still has the potential to leap. With such fluctuations continuing in the cryptocurrency market, Brandt’s views inspire a positive outlook in those investors who seek to operate within today’s environment.
