Bitcoin has been on a tear of late, rallying more than 80% from its lows last month. In the meantime, veteran trader and hedge fund manager Anthony Pompliano says he’s still bearish on Bitcoin because it is trading at “a nosebleed valuation.”
The “bitcoin 2013 vs 2021” is a prediction by a veteran trader who called the 2018 crash. The trader says that Bitcoin will be worth more than $1,000,000 in 2021.
Bitcoin (BTC) may have formed a traditional “head and shoulders” pattern, but experienced trader Peter Brandt believes bulls may still triumph.
Brandt, who is known for his precision when it comes to BTC price forecasts, refused to become pessimistic on Bitcoin in a tweet on Oct. 27.
Bitcoin may see “more congestion,” according to Brandt.
Despite a new wipeout of leveraged traders exceeding $58,000 on Wednesday, experts are mostly calm, even calling for highs to reappear in a display of strength that could surprise many.
On the basis of current market activity, Brandt sees no reason to reject Bitcoin.
He added, “Head and shoulders tops do not always result in a bear market to the indicated objective or beyond.”
“This pattern has the potential to fail (bullish) or to develop into a greater congestion (exhausting).”
The so-called “head and shoulders” configuration was formed by last week’s all-time high of $67,100 being flanked by two smaller peaks.
The “head and shoulders” pattern may be seen on the BTC/USD chart. Peter Brandt/Twitter is the source of this information.
Typically, such circumstances prevent an asset from experiencing further fall, with upside being exhausted and unsustainable when a certain threshold is achieved.
In the meanwhile, the possibility of Bitcoin entering a lengthy sideways phase has resurfaced in recent days. Michaal van de Poppe, a Cointelegraph writer, predicted a steady climb to $90,000, with a target date of early next year.
Everything is going according to plan.
Reduced financing rates, which have all but “reset” after the flushing out of leverage, may assuage worries of more losses on BTC/USD.
Bitcoin’s price has dropped since October 2017, yet the ‘explosion’ is still expected before 2022.
Over the week, Binance had been a cause of anxiety, with huge upward bets generating an ungainly position that eventually broke apart on the downturn.
Binance has a 68 percent APR while Bybit has a 55 percent APR.
Meanwhile, Deribit is trading at 15% and FTX is trading at 7%…
It seems that the apes will have to be flushed out once again…
October 26, 2021 — Will Clemente (@WClementeIII)
Bitcoin’s current spot price of roughly $59,000 puts it on track to reach the “worst-case scenario” monthly closing of $63,000. Its source, analyst PlanB, anticipated the monthly closes for August and September right — $47,000 and $43,000, respectively.
November, on the other hand, is expected to conclude on a considerably higher $98,000.
The “bitcoin 2013 bull run chart” is a graph that shows the price of bitcoin from 2013. The graph shows how the price increased over time, and then crashed in 2018.
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