Veteran trader Peter Brandt has sparked significant discussions in the cryptocurrency sector with his latest forecast, suggesting that Bitcoin (BTC) could potentially approach its previous highs if it continues to follow a classic bullish pattern.
In a post shared on X (formerly Twitter) on May 2, Brandt presented a scenario where, by sustaining its current stability and upward momentum, Bitcoin might witness a substantial price increase, nearing its historical peak values.
Bitcoin price analysis chart. Source. TradingView/Peter Bandt
This optimistic outlook, however, has not been well embraced. Some skeptics have questioned Brandt’s credibility, given his previous predictions suggested both a correction to $40,000 per BTC and the possibility that Bitcoin had already reached its peak.
Bitcoin price analysis chart. Source. TradingView/Peter Brandt
This assertion underscores his confidence in Bitcoin’s long-term value and distinctive market behavior.
Market reactions and analyst perspectives
Critics of Peter Brandt‘s forecast recall his earlier inconsistent predictions, but he holds firm on his current bullish stance, underscoring the importance of adaptability in successful trading. On the supportive side, Marco Johanning, a noted crypto analyst, reiterated a bullish sentiment on social media:
“We are in a bull market, and this is merely a correction, not a rally in a bear market,” suggesting confidence in the market’s potential for a rebound.
Contrarily, Scott Melker presents a more cautious perspective, highlighting the lack of key support levels, which, if not maintained, could precipitate a further drop to as low as $52,000.
$BTC DailyBroke and retested range lows as resistance. Nothing but air until around $52,000 on the chart.My biggest concern I have been discussing for months (in newsletter) is that RSI never made the trip to oversold. Almost there now, all lower time frames oversold.This… pic.twitter.com/5YZTWipBo8
— The Wolf Of All Streets (@scottmelker) May 1, 2024BTC price analysis
Bitcoin seven-day price chart. Source: Finbold
By press time, Bitcoin was trading at $63,870, marking daily gains of almost 6%. On the weekly chart, BTC showed a modest increase of less than 1.5%. For Bitcoin to initiate a sustained rally, it requires bullish momentum to push the asset towards the $65,000 threshold. However, Bitcoin currently remains vulnerable to a potential drop to $60,000.
This period of uncertainty is critical for traders and investors alike as they weigh the mixed signals and brace for potential shifts in the market’s direction.
Whether Brandt’s bullish scenario will materialize remains an open question, but the ongoing debate illustrates the dynamic and unpredictable nature of the cryptocurrency landscape.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
