Bitcoin, the king of the cryptocurrency world, closed last week on a gloomy note, hinting at its potential first non-performing month since August 2023.
The flagship coin slipped by 3 percent over the past 24 hours, settling around $62,227 as Monday’s early London session unfolded. With April winding down, marked by the fourth Bitcoin halving, signs point to turbulent days ahead.
Adding to the unease, more crypto traders are taking a cautious stance, preferring to watch from the sidelines. The impending May 1, 2024, Federal Open Market Committee (FOMC) statement and the release of the federal funds rate further contribute to the atmosphere of uncertainty.
Peter Brandt Weighs In
In the midst of this uncertainty, legendary trader Peter Brandt offers insights into Bitcoin’s trajectory. Brandt suggests there’s a 25 percent chance that the recent high of $74,000 marks the peak of Bitcoin’s current cycle. He points to Bitcoin’s price evolution, suggesting a descent into a new bear season, with Bitcoin potentially dropping to $30,000.
However, Brandt remains firm in his earlier prediction of Bitcoin surpassing $100,000 within this bullish cycle.
Similarly, Giovanni Santostasi, a seasoned Bitcoin investor with a Ph.D. in Astrophysics, echoes a bold prophecy.
Bold Predictions Echo All Around
In a recent Medium post, Giovanni projects Bitcoin’s potential to reach $210,000 based on various scientific models. However, Giovanni also foresees a subsequent drop, with Bitcoin’s value potentially plunging to $83,000 in the next major bear market.
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