Bitcoin

<div class="finbold">
 <p class="paragraph">Veteran <a rel="noopener noreferrer nofollow" title="trader" href="https://thebittimes.com/tag/trader.html">trader</a> <em>Peter Brandt</em> 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 <a rel="noopener noreferrer nofollow" title="pattern" href="https://thebittimes.com/tag/pattern.html">pattern</a>.</p>
 <p class="paragraph">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 <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> increase, nearing&nbsp; its historical peak values.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="571" src="https://cdn.thebittimes.com/images/2024/05/04/68a5a2d66d18dd93e89c7428f56f3201.webp" alt class="wp-image-173911" srcset="https://cdn.thebittimes.com/images/2024/05/04/68a5a2d66d18dd93e89c7428f56f3201.webp 1024w, https://cdn.thebittimes.com/images/2024/05/04/68a5a2d66d18dd93e89c7428f56f3201.webp 300w, https://cdn.thebittimes.com/images/2024/05/04/68a5a2d66d18dd93e89c7428f56f3201.webp 768w, https://cdn.thebittimes.com/images/2024/05/04/68a5a2d66d18dd93e89c7428f56f3201.webp 1411w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin price analysis chart. Source. TradingView/Peter Bandt</em> <br>
  </figcaption>
 </figure>
 <p class="paragraph">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.</p>
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   <svg width="32" height="32" viewbox="0 0 32 32" fill="none" xmlns="//www.w3.org/2000/svg"><path d="M4 10.6665V25.3332C4 28.2678 6.392 29.3332 8 29.3332H28V26.6665H8.016C7.4 26.6505 6.66667 26.4078 6.66667 25.3332C6.66667 24.2585 7.4 24.0158 8.016 23.9998H28V5.33317C28 3.8625 26.804 2.6665 25.3333 2.6665H8C6.392 2.6665 4 3.73184 4 6.6665V10.6665ZM8 5.33317H25.3333V21.3332H6.66667V6.6665C6.66667 5.59184 7.4 5.34917 8 5.33317Z" fill="#EF4444"> 
    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
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 <p class="paragraph">Despite these criticisms, he remains optimistic in his belief that Bitcoin is on a bullish path.</p>
 <h2 class="wp-block-heading" id="h-peter-brandt-s-perspective-on-bitcoin-s-attributes">Peter Brandt’s perspective on Bitcoin’s attributes</h2>
 <p class="paragraph">In his latest blog, Peter Brandt highlighted several unique aspects of Bitcoin that set it apart: non-hackable, limited quantity, globally accepted, trackable, and almost instantly transactional. Additionally, Bitcoin’s <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> behavior is notably distinct, according to him.</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">Not only have the major advances in BTC been of a parabolic nature, but of parabolic on a log scale. I can find no other stock, commodity, or publicly traded asset that can make the same claim.</p>
  <p class="paragraph">Peter Brandt</p>
 </blockquote>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="498" src="https://cdn.thebittimes.com/images/2024/05/04/1efc637226e36fcdfa08ad01ac1386b0.webp" alt class="wp-image-173912" srcset="https://cdn.thebittimes.com/images/2024/05/04/1efc637226e36fcdfa08ad01ac1386b0.webp 1024w, https://cdn.thebittimes.com/images/2024/05/04/1efc637226e36fcdfa08ad01ac1386b0.webp 300w, https://cdn.thebittimes.com/images/2024/05/04/1efc637226e36fcdfa08ad01ac1386b0.webp 768w, https://cdn.thebittimes.com/images/2024/05/04/1efc637226e36fcdfa08ad01ac1386b0.webp 1211w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin price analysis chart. Source. TradingView/Peter Brandt</em>
  </figcaption>
 </figure>
 <p class="paragraph">This assertion underscores his confidence in Bitcoin’s long-term value and distinctive market behavior.</p>
 <h2 class="wp-block-heading" id="market-reactions-and-analyst-perspectives">Market reactions and analyst perspectives</h2>
 <p class="paragraph">Critics of Peter Brandt<em>‘</em>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,<em> Marco Johanning</em>, a noted crypto analyst, reiterated a bullish sentiment on social media:</p>
 <p class="paragraph">&nbsp;“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.</p>
 <p class="paragraph">Contrarily, <em>Scott Melker</em> 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 $52,000.</p>
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    <p lang="en" dir="ltr">$BTC Daily<br><br>Broke and retested range lows as resistance. Nothing but air until around $52,000 on the chart.<br><br>My biggest concern I have been discussing for months (in newsletter) is that RSI never made the trip to oversold. <br><br>Almost there now, all lower time frames oversold.<br><br>This… pic.twitter.com/5YZTWipBo8</p>— The Wolf Of All Streets (@scottmelker) May 1, 2024
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 </figure>
 <h2 class="wp-block-heading" id="btc-price-analysis">BTC price analysis</h2>
 <figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="524" src="https://cdn.thebittimes.com/images/2024/05/04/7da89559ee038a47eb77e85b043b500a.webp" alt class="wp-image-173913" srcset="https://cdn.thebittimes.com/images/2024/05/04/7da89559ee038a47eb77e85b043b500a.webp 720w, https://cdn.thebittimes.com/images/2024/05/04/7da89559ee038a47eb77e85b043b500a.webp 300w" sizes="(max-width: 720px) 100vw, 720px">
  <figcaption class="wp-element-caption"><em>Bitcoin seven-day price chart. Source: Finbold</em>
  </figcaption>
 </figure>
 <p class="paragraph">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.</p>
 <p class="paragraph">This period of uncertainty is critical for <a rel="noopener noreferrer nofollow" title="trader" href="https://thebittimes.com/tag/trader.html">trader</a>s and investors alike as they weigh the mixed signals and brace for potential shifts in the market’s direction.</p>
 <p class="paragraph">Whether <em>Brandt</em>’s bullish scenario will materialize remains an open question, but the ongoing debate illustrates the dynamic and unpredictable nature of the cryptocurrency landscape.</p>
 <p class="paragraph"><strong><em>Disclaimer</em></strong><em>:</em><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/legendary-trader-predicts-bitcoin-price-will-pump-if-this-pattern-plays-out-tbt87444.html">https://thebittimes.com/legendary-trader-predicts-bitcoin-price-will-pump-if-this-pattern-plays-out-tbt87444.html</a></p>

Legendary trader predicts Bitcoin price will ‘pump’ if this pattern plays out

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