Renowned trader Peter Brandt suggests Bitcoin could reach $150,000 this year while acknowledging potential decline scenarios.
High Growth Potential
Brandt forecasts that Bitcoin will hover around $135,000 by 2025. However, he also indicated that Bitcoin might experience a significant peak followed by a decline exceeding 50%. This conclusion is drawn from Bayesian analysis conducted in light of historical trends and new data.
Technical Analysis Findings
According to his analyses, Bitcoin could face a serious price drop if it completes the head and shoulders formation visible on its daily chart. This pattern typically indicates that an asset is losing momentum, suggesting a potential reversal in its upward trend as the price dips below support.
Competitors of Bitcoin and Ethereum
Brandt also highlighted Cardano, a competitor to Ethereum. He noted that ADA formed a local low at $0.81 in the weekly chart and could experience significant growth after breaking the support at $1.09.
Peter Brandt anticipates both bullish and bearish scenarios for Bitcoin and Cardano. He advises investors to navigate these uncertainties carefully, highlighting the crucial role of technical analysis and statistical methods in cryptocurrency investments.
