Legendary commodity trader Peter Brandt has shared his bullish prediction for Bitcoin, forecasting a price surge to $200,000-$250,000 in the coming bull market. However, he highlights that history suggests a more gradual decline after each cycle, even though prices eventually increase. Whether this cyclical pattern aligns with traders’ expectations or not, it is crucial for investors and traders to anticipate these potential shifts. [Note: Brandt’s predictions are subject to change.]
The recent downturn in Bitcoin prices offers a glimpse into the volatility of the cryptocurrency market. Following Monday’s substantial drop from around $91,000–$92,000 to levels below $86,000 (erasing over $200 billion from the crypto market cap), liquidations reached up to $791 million in minutes.
The sudden dip is linked to several factors. Notably, the Bank of Japan’s surprise spike in 10-year JGB yields to their highest level since 2008, fueled pressure on risk assets like Bitcoin. Additionally, the People’s Bank of China reaffirmed its stance on cryptocurrencies, reiterating a ban on stablecoins and cautioning against illegal activities.
Brandt suggests that Bitcoin could potentially bottom out around $40,000. He believes this recent recovery is merely a