Trader Peter Brandt shared his thoughts on the prospects for further movement of BTC.
The trader believes that the next growth target for Bitcoin (BTC) could be the level of $43,200. The forecast is based on calculations of the expected trajectory of the asset through the measurement of technical analysis figures.
Prior to this, Brandt gave a long-term forecast for Bitcoin. According to his calculations, cryptocurrency will enter an active growth phase no earlier than the third quarter of 2024 after the spring halving.
Peter Brandt believes that the crypto market has already passed cyclical lows. Previously, against the backdrop of the collapse of the FTX crypto exchange in November 2022, Bitcoin dropped to $15,000.
According to the analyst, Bitcoin is the only cryptocurrency worthy of attention. He considers all other coins, including Ethereum (ETH), to be scams. Brandt is confident that only BTC can survive.
BTC to hit $1m price
Amid the backdrop of recent growth, co-founder of the BitMEX exchange Arthur Hayes said that the crypto market has already entered a bullish phase. He also predicted a jump in the price of Bitcoin and Ethereum to $1 million and $100,000, respectively.
Hayes made his forecast against the backdrop of a sharp jump in the rates of both Bitcoin and Ethereum. The first one surpassed the important level of $37,000, but failed to “break through the ceiling” of $38,000.
This happened shortly after Bloomberg Intelligence’s forecast about the likelihood of approval of spot Bitcoin ETFs before Nov. 17.
Read the full article here