Veteran trader Peter Brandt predicts Bitcoin price could soar to $90K, citing current market trends but warning that a dip below a key level would negate this bullish outlook.
Veteran trader Peter Brandt recently stirred excitement in the crypto community with his bold prediction for Bitcoin. In a social media post, he forecasted a potential surge in the crypto’s price, suggesting it could soar past the $90,000 mark. Meanwhile, his analysis comes amid a notable uptick in the asset’s market performance, sparking widespread interest.
Peter Brandt Predicts Bitcoin Price To Cross $90K
Peter Brandt shared his insights on Bitcoin’s price trajectory, highlighting a possible massive rally. According to Brandt, BTC might be unfolding a pattern he describes as “Hump->Slump->Bump->Dump->Pump.”
Meanwhile, he noted that the July 5 attempt at a double top was a bear trap, confirmed by the July 13 close. Besides, Brandt believes that bears are now trapped, and the most likely scenario is a continued upward trend.
However, it’s worth noting that he also cautioned that a close below $56,000 would negate this bullish interpretation. As of the latest data, Bitcoin has noted a surge of more than 5%.
This uptick is part of a broader rally that has caught the attention of investors and market analysts alike.
Market Analysts Echo Optimism
Peter Brandt’s prediction has sparked discussions among other market analysts, many of whom share his optimistic outlook. The recent performance of Bitcoin, coupled with significant inflows into the Spot BTC ETF, suggests a bullish trend. These inflows highlight increasing investor interest, contributing to the upward momentum in the crypto’s price.
Meanwhile, the Spot BTC ETF has played a crucial role in this scenario. The substantial inflows reflect heightened interest from both retail and institutional investors. This surge in investment underscores the broader acceptance of BTC as a valuable asset.
Analysts believe this trend will continue to drive the crypto’s price higher, potentially reaching Brandt’s predicted target of $90,000. However, the market remains cautious despite the current sentiment is positive. Factors such as regulatory changes and market volatility could impact the asset’s trajectory.
During writing, Bitcoin price rose 5.6% and exchanged hands at $63,020.13, with its trading volume soaring 37% to $29.16 billion. On a weekly basis, the crypto has jumped about 10%, reflecting the growing market interest. Besides, CoinGlass data also hinted towards a similar picture, with BTC Futures Open Interest rising about 5% from yesterday.
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