Recently, experienced trader Peter Brandt, Bitcoin He made an important prediction about the future of the price. Brandt identified three possible scenarios for BTC and analyzed these scenarios. did.
This is what I had to say on March 16 about a correction for Bitcoin $BTC. This was issued to private members of @BitcoinLive1 || https://t.co/B21biKPAq4 pic.twitter.com/UOH3aDTS5Y
NEWS CONTINUES BELOW— Peter Brandt (@PeterLBrandt) March 19, 2024
The first scenario could be the beginning of a new parabolic rise and take Bitcoin back to $40,000. However, Brandt isn’t entirely sure this scenario will happen.
The second scenario includes the prediction that Bitcoin could experience a correction towards the accelerating upper channel boundary and the price could fall to the $55,000 to $60,000 range. However, this scenario also seems unlikely.
The third scenario, which Brandt finds most likely, suggests the possibility of an “upside breakout” with corrections below 15%. In this scenario, although the price may move up and down, it will not crash or skyrocket. Under this scenario, Bitcoin price could rally to around $63,000 with each correction.
In Brandt’s analysis, it is stated that the Bitcoin Renko chart indicates a general uptrend. However, a red block appearing on a three-day Renko chart could signal vulnerability for Bitcoin and indicate a bearish trend.
As Koinfinans.com reported, the price of Bitcoin has experienced tremendous fluctuations. This digital asset has experienced sharp declines, just as it reached peaks. This situation reminds us that the price may go down as it goes up, and sometimes we may encounter sharp declines.
Many factors can cause fluctuations in Bitcoin’s price, including economic factors, interest rate changes and investment trends. However, it is stated that the main reason behind the latest correction is completely speculative. Overextended markets led to massive liquidation waves, causing BTC to plummet.
