Bitcoin Crash Over? Veteran Trader Predicts Rebound To $90,000
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The article discusses veteran trader Peter Brandt's prediction of a significant rebound for Bitcoin to $90,000. This forecast comes after Bitcoin's recent dramatic downturn below $50,000. In an X (formerly Twitter) post, Brandt shares his bullish outlook for Bitcoin within the current bull cycle, expecting it to reach $90,000 by the end of 2024.
Brandt emphasizes the importance of focusing on possibilities rather than probabilities or certainties to maintain flexibility to various market outcomes. He dismisses the notion of a Bitcoin bull flag, highlighting that such patterns should not last longer than two months according to technical analysis authorities.
The article then notes Bitcoin's recovery after a sharp 23% decline, where it fell to around $52,000. However, Bitcoin regained positive momentum, recording a price increase of 11.77% within 24 hours. As of now, Bitcoin is trading at $55,903, showing signs of breaking out of its previous bearish trend.
The piece concludes with data from CoinMarketCap showing a 30.65% surge in Bitcoin's daily trading volume, indicating renewed investor interest and steady recapture of previous price highs around $60,000.
Source: www.newsbtc.com ↗
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