Peter Brandt says bitcoin traders need to prepare for ‘volatile struggle’
According to the head of Factor LLC, Peter Brandt, the main cryptocurrency has reached the bottom, however, a “throwing festival” is to follow. The analyst believes that we should not expect a new historical high until the third quarter of next year.
Brandt is confident that traders need to prepare for a “volatile struggle.” The expert noted that his analysis is based on the weekly renko chart.
“Very few false signals — by my count, only five misses in the last five years. The most recent trigger was a purchase at $22,000. I allocate part of my Bitcoin investments to [following] this schedule,” the specialist explained.
MN Trading founder Michael van de Poppe pointed out that bitcoin quotes are at the upper limit of a three-day range around $35,000. The analyst believes that overcoming this level will lead to a movement towards $37,000.
A trader calling himself Titan of Crypto believes that BTC is emerging from the “indecision zone.” It took the first crypto coin 39 weeks to overcome the second resistance.
Matrixport analysts concluded that the fifth BTC bull market started on June 22 of this year. According to them, the main digital coin is capable of reaching $125,000 by the end of 2024. The growth of the bitcoin exchange rate is mainly due to expectations of acceptance of the asset by institutions and the instability of the correlation of US government debt to GDP.
Experts believe that bitcoin is seen as a “safe haven asset” like gold and US Treasuries. BTC is considered as a tool for diversifying an investment portfolio.
The bull market began in 2011 when bitcoin was first accepted as a legal tender. The second one occurred due to China, when BTC was recognized as an alternative form of money.
The third bull market cycle was recorded against the background of the boom of ICOs as a new tool for launching and financing a business. The fourth was characterized by the “DeFi summer”, after which there was massive growth in the NFT industry.
Previously, Matrixport analysts predicted an increase in the Bitcoin rate to $42,000–56,000 if the US Securities and Exchange Commission approves the launch of a spot Bitcoin ETF.
