31.07.202315:08 Forex Analysis & Reviews: Peter Brandt: Bitcoin to surpass all existing assets

Bitcoin has broken out of its sideways range on the 4-hour time frame, as clearly seen in the illustration below. This signals a new downtrend, which has been poised to reach $100,000 for the past two years. The initial target is $26,500, but a more realistic correction to $24,350 and below is likely. If the price returns to the sideways range, there is a possibility of a new uptrend to the upper boundary at $31,500.

Meanwhile, Peter Brandt, a 50-year experienced investor, stated that Bitcoin would become far more attractive in the future than gold and stocks. He is optimistic about the SEC's approval of a spot Bitcoin ETF, believing it is only a matter of time. Brandt also highlights the upcoming halving in 2024, which, combined with these factors, may push Bitcoin higher in the next year. The trader emphasized that markets almost always anticipate future events, presenting a chart with the Head and Shoulders pattern, predicting further strength for the flagship crypto.

Brandt gained crypto expert status after accurately predicting Bitcoin's crash in 2017. However, crypto experts can also be wrong. Just like PlanB and the stock-to-flow model, which repeatedly predicted significant BTC growth that did not happen. Therefore, any forecast should be taken as the opinion of one of the hundreds or thousands of experts.

The sideways range exists, and since the price has settled below it, there is a 60-70% probability of a decline. If Bitcoin's quotes return to the range, the flat will resume, and the chances of reaching $31,500 will also be 60-70%. Stronger growth is not projected now, given the uncertain situation with the SEC litigation and two major exchanges. It recently became known that the US Securities and Exchange Commission strongly advised Coinbase to delist all cryptocurrencies except Bitcoin. As we can see, pressure on crypto companies in the US continues, and negative news may continue to surface. So, Bitcoin should not be treated as an asset that will always grow.

On the 4-hour time frame, the cryptocurrency has begun its descent, which could last for several weeks. It may become a good time for short positions. The target is $26,500, and then $24,350. There are currently no buy signals, but they may appear near the ascending trendline on the 24-hour time frame or in the range of $24,350 - $25,211. However, BTC still needs to reach that area.