The world of cryptocurrency has been buzzing with activity as Bitcoin recently hit a new all-time high of $28,000 in March. However, veteran trader Peter Brandt has recently shared his views on the direction of Bitcoin’s price, cautioning that the digital asset may experience another downturn in the near future.

Brandt, who has over four decades of experience in trading, pointed out that the Bitcoin CME chart shows two large gaps, which could indicate a bearish trend. He believes that Bitcoin’s price may need to fall in order to close the gaps before it can rise again.

Despite his warning, Brandt has not confirmed that Bitcoin’s direction is bearish. In fact, he added that not every gap on the graph is always filled, and for now, Bitcoin is still looking promising. The digital asset has continued to bounce back to the same range, giving traders hope.

Brandt’s comments have generated a lot of discussion among cryptocurrency enthusiasts, many of whom are wondering whether Bitcoin will continue to rise or experience a downturn. At the time of writing, Bitcoin’s price has already soared to $28,100, which has left some wondering whether the digital asset will surpass $30,000.

Regardless of what happens in the future, it’s clear that Bitcoin remains a hot topic in the world of finance. Its recent surge in price has attracted a lot of attention, and traders and investors alike are eager to see how the digital asset will perform in the coming months. With experts like Peter Brandt keeping a close eye on the market, it will be interesting to see how Bitcoin’s price evolves in the near future.

#Peterbrandt #BTCUpdate #BTC #Bitcoin #azcoinnews

This article was republished from azcoinnews.com

Peter Brandt has pointed out that, when measured in gold, U.S. home prices are close to historical lows. But he takes it a step further, suggesting that housing prices would be much lower if measured in Bitcoin. 💡 This idea brings up important questions and adds to the growing conversation about whether Bitcoin could be used as a new way to measure value.
Brandt's point is that Bitcoin might be a more accurate way to represent true value compared to traditional measures like gold or regular money. 🪙 Gold has long been seen as a reliable store of value, making homes seem more affordable when compared to it. However, Bitcoin is becoming known as a new form of "digital gold," with the potential to replace traditional money standards, even though it's still quite volatile. 🚀 Brandt argues that, given Bitcoin's impressive growth over the last decade, homes priced in BTC would now look a lot cheaper than those priced in dollars or even gold.
#Peterbrandt #BTC☀

Peter Brandts sees Bitcoin cycles differently
#Peterbrandt has provided some perceptive analysis on the current cycle of Bitcoin, which shows a mixed picture for the digital gold. Brandt is known for making precise market forecasts, and his examination of the #bitcoin☀️ cycle is no different.
He starts from the previous bear market low in November 2022 and measures Bitcoin cycles differently than most traders. The crucial point, in his opinion, is that this cycle's peak, which started prior to the anticipated halving in March 2024, has not yet been reached.
Surprisingly, after accounting for inflation, the peak from the last bull cycle remains stable. From Brandt's analysis, three key conclusions can be drawn. First, there is a discernible pattern of lower highs and lower lows for Bitcoin. This downward trend implies that the energy required to push Bitcoin to new heights has been absent. 
I measure cycles different than most. My cycle starts at prev. bear market low (Nov '22). Then note high of the cycle starting at prev low prior to halving (Mar '24). Not only has this high not been violated, but high from prev bull cycle on inflation adjusted basis still intact https://t.co/N2kN9pwnT1Advertisement— Peter Brandt (@PeterLBrandt) September 3, 2024
The second point is that the lows have a continuously decreasing slope. This pattern suggests a continuous lack of buying pressure, or momentum, which may be problematic for investors hoping for an imminent recovery or all-time highs. In closing, Brandt points out that this cycle is different from the others in that it has never taken Bitcoin this long to reach a new all-time high following a halving.
Brandt's perspective is consistent with more widespread market concerns. His finding that Bitcoin's cycle is taking longer to recover could be an indication of more serious structural problems, or it could just be a reflection of the macroeconomic climate. A number of variables are influencing the price of #Bitcoin❗ , including interest rate #inflation and worldwide financial instability.
At the absolute least, a protracted period of consolidation may be indicated by the continuous sequence of lower highs and lower lows. Although some people may still be bullish about Bitcoin's long-term prospects, Brandt's analysis serves as a sobering reminder that there may not be many more highs to come.
#DOGSONBINANCE

Legendary analyst Peter Brandt suggests that Bitcoin ($BTC) could skyrocket against gold in the coming months! Based on his technical analysis of the BTC/GLD chart, Brandt predicts a massive breakout with Bitcoin potentially reaching 123 ounces of gold per BTC by 2025. 🎯

🔎 The Inverse Head & Shoulders (IH&S) formation on the chart signals this explosive growth, with a key resistance at "1 BTC = 32 ounces." Currently, 1 BTC is valued at 24 ounces, but a breakout could mean big gains for Bitcoin holders. 📈

Experts are already comparing Bitcoin to digital gold, and with Bitcoin ETFs bringing in over $17.69 billion since January, some believe $BTC could surpass gold’s market cap by 2027! 🌐

#bitcoin☀️ #GOLD_UPDATE #Crypto_Jobs🎯 #BTCVSGOLD #Peterbrandt

Story Highlights
The Mt.Gox rehabilitation trustee has extended the deadline for creditor repayments.
Peter Brandt predicts a potential retest of $48k before a rally towards a new all-time high.
The global economic outlook, institutional investment, and Bitcoin's potential to follow gold's price discovery are factors favoring a major bull run.
After a recent period of bearish sentiment, Bitcoin ($BTC
) has received a much-needed boost, thanks to a key announcement from the now-defunct crypto exchange Mt.Gox. Nobuaki Kobayashi, the rehabilitation trustee, announced that Mt.Gox has largely completed the base repayments to creditors who completed the required procedures.
However, Kobayashi noted that a significant number of creditors have yet to receive their compensation due to delays in completing the necessary formalities. To address this, the trustee has secured court approval to extend the repayment deadline from October 31, 2024, to October 31, 2025.
Yet another challenge! What’s next?
Mt.Gox Holds Billions in Bitcoin
According to market data provided by Arkham Intelligence, Bitcoin addresses associated with Mt.Gox currently hold about 44.9k BTCs, worth about $2.75 billion.

This substantial amount of Bitcoin still tied to the exchange adds another layer of complexity to market predictions.
Will Bitcoin Follow Gold’s Lead?
Veteran trader #Peterbrandt , analyzing historical market trends, predicts Bitcoin may retest the $48k support level before rallying to a new all-time high. He projects a price target of $135k by Q3 2025 but warns that this prediction could be invalidated if Bitcoin consistently closes below $48k in the short term.
#Bitcoin❗ price will eventually follow in the footsteps of Gold, which is already in price discovery. Furthermore, the ongoing shift in the global economic outlook, escalated by the recent Fed rate – amid the upcoming U.S. 2024 general election and global geopolitical crisis – will favor liquidity addition in the crypto market.
As a result, more institutional investors – led by #MicroStrategy , Metaplanet, and BlackRock, among others – have been deploying funds in the Bitcoin market in anticipation of a major bull run ahead.
What do you think—will Bitcoin hit a new all-time high or face another correction?
#moonbix #BTC60KResistance