Veteran trader Peter Brandt has shared a mixed outlook on Bitcoin, suggesting it could soar to $150,000 this year while warning of a possible sharp decline.
Brandt, known for his data-driven approach, bases his analysis on Bayesian methods, which consider past trends alongside current data to forecast potential outcomes.
He notes Bitcoin could either rise nearly 50% from its current price of $100,029 or face a steep correction exceeding 50%.
Brandt highlights conflicting signals in Bitcoin’s price charts. A bearish head-and-shoulders pattern could indicate a loss of momentum, signaling a downturn if key support levels are breached.
Conversely, he points to a pattern he describes as “bump, hump, slump, and dump,” which suggests a short-term dip to $84,000 might precede a rally toward $150,000.
According to Brandt, significant market rallies often occur after retail traders grow weary or exit the market entirely.
Research from investment firm VanEck suggests that while the U.S. government is debating a potential Bitcoin reserve, 21 states are already moving forward with plans to acquire Bitcoin.
JPMorgan reports that institutional interest in Bitcoin and Ethereum futures is waning, leaving the crypto market in a vulnerable position.
Microsoft introduced its latest quantum breakthrough, but could that pose a risk to Bitcoin’s security infrastructure?
In just one year, U.S. spot Bitcoin exchange-traded funds (ETFs) have crossed a major milestone, exceeding $750 billion in total trading volume since their introduction in January 2024.