The cryptocurrency market rose after the cold US CPI. Leading crypto Bitcoin jumped above $66,000 with a strong move. Moreover, this move may continue. Legendary analyst Peter Brandt’s latest prediction on Bitcoin’s price trajectory points higher. Additionally, QCP Capital predicts a trajectory parallel to Brandt’s forecast.
Legendary analyst expects pump in Bitcoin price
cryptokoin.comAs you follow from , the crypto market had a relief rally after the cold US CPI. In this process, the leading crypto Bitcoin went on a run extending above 66 thousand dollars. Legendary analyst Peter Brandt reaffirmed his optimistic view on Bitcoin. Brandt shared a Bitcoin price chart on social media outlining his predictions for the cryptocurrency’s future course. Brandt’s analysis shows that Bitcoin is poised for a significant increase. In this context, it potentially reaches an all-time high of $74,000.
Known for his seasoned expertise in financial markets, Brandt has consistently defended Bitcoin’s bullish potential. Emphasizing the reliability of his analysis, Brandt stated that it was consistent with his previous comments on market trends. The chart shared by Brandt shows an accumulation pattern following a minor pullback resulting in the expected uptrend for Bitcoin’s price.
QCP Capital: The leading cryptocurrency is on its way to ATH!
QCP Capital expects Bitcoin to return to its $74,000 highs today after US CPI data. The corporate-focused firm refers to demand on the buy side. In this context, he said, “We expect an upward momentum here that will take us back to 74 thousand levels.” The company announced its predictions as follows:
The table saw major buyers of 100-120 thousand BTC Calls for December 2024 on this rise in spot. Institutional demand for BTC continues to grow, with major asset managers Millennium and Schonfeld investing around 3% and 2% of their AUM in the spot BTC ETF.
Hedge fund Millennium Management invested nearly $2 billion in Bitcoin ETFs in the first fiscal quarter. Meanwhile, spot Bitcoin ETFs in the US recorded daily net inflows totaling $302.97 million yesterday. This is the largest figure since May 3. “With adoption by key governments and institutions, decreasing inflation, and the upcoming US elections, the stars appear to be aligning on this breakout,” QCP Capital summarized.
Bitcoin fueled the bullish sentiment with its latest move!
QCP Capital and Peter Brandt’s bullish sentiment comes on the heels of Bitcoin’s recent price increase. The cryptocurrency broke the $66,000 mark per BTC with a strong rise. This upward momentum coincided with positive inflation data and record highs in major stock indexes. He also pointed out that market sentiment has shifted from bearish to bullish.
Brandt’s track record of accurately predicting market movements lends credibility to his analysis. Some remain cautious, citing the notorious volatility of cryptocurrencies and the unpredictability of market dynamics. Questions remain about the sustainability of Bitcoin’s upward momentum and the potential impact of external factors such as monetary policy developments and recession risks.
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