Tomiwabold Olajide
Bitcoin price is currently consolidating in a narrow range, indicating a possible move
Continue reading U.TODAY
Google News
In a bold statement, veteran trader Peter Brandt, who has four decades of market tracking experience, has named Bitcoin as one of his largest investment holdings. In addition to the gold chart, Brandt also published a BTC chart with the headline: “Charts of my two largest investment holdings.”
On the Bitcoin chart, Brandt highlighted the patterns that had led to BTC price breakouts in previous and current price cycles.
Brandt's claim comes at a crucial time for the cryptocurrency market as the price of Bitcoin is in a critical range, leading to speculation about possible future moves.
The price of Bitcoin has been consolidating in a narrow range since March 26, fluctuating between $68,369 and $71,789. Meanwhile, investors and traders continue to pay close attention to signals of possible new moves.
Bitcoin (BTC) was trading around $70,000 at the time of writing and showed little change in the last 24 hours.
The Bitcoin halving is now 23 days away
The Bitcoin reward halving, a quadrennial event scheduled to take place in April, will reduce mining rewards from 6.25 BTC to 3,125 BTC. According to OKLink, the expected date for this highly anticipated event is April 23, 2024, with a current countdown of 23 days.
With the Bitcoin reward halving looming, there is speculation that this could trigger additional inflows into US-based spot BTC ETFs, driving values into the six-figure range in the coming months.
In a previous forecast, Peter Brandt expects the ongoing Bitcoin (BTC) bull market to peak at $200,000.
Michael van de Poppe, a cryptocurrency analyst, expects Bitcoin price to peak between $300,000 and $600,000 in this current bull cycle, citing a strong pre-halving surge that surpassed previous cycles.
In the short term, crypto analyst Ali predicts a potential increase of 4.44% and targets a price of $74,760 should BTC maintain its position above the 200-EMA and clear the neckline resistance at $71,580, as Bitcoin a head and shoulders formation shows 30 minute chart.
About the author
Tomiwabold Olajide
Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducts comprehensive price analysis, and shares predictions on estimated market trends. Tomiwabold graduated from the University of Lagos.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.