After Bitcoin’s recovery to over $ 47,000, the crypto community is euphoric. This is exactly what trading legend Peter Brandt warns of. Bitcoin is not out of the woods yet?
Too much euphoria in the markets
Bitcoin has been showing some strength for 24 hours: yesterday at noon, the number 1 cryptocurrency began its rise, moving from around $ 44,100 to up to $ 47,000 in the late evening hours. This morning there was another small decline, since then BTC has been trading between $ 47,200 and $ 46,750. The push of the Bitcoin bulls beyond $ 47k left many industry participants in euphoria for a short time and raised hopes that Bitcoin would now start the next phase of its bull run.
However, one of the most renowned traders in the industry, Peter Brandt, is in this regard not that relaxed. In a recent tweet he warns of a so-called rising wedge pattern on the Bitcoin charts – and that could endanger the upward trend. Background: A rising wedge is a bearish reversal pattern. While the pattern is emerging, there are still higher highs and lower lows, making the Bitcoin uptrend appear intact. In reality, however, there is a chance that it has already been lost and BTC will fall as a result.
Brandt refers to this and asks his followers:
“Rising wedge – will it meet expectations or not take off?”
– Peter Brandt (@PeterLBrandt) August 17, 2021
When a user asked him for his assessment of the situation on the crypto markets, answers Brandt: His attitude is unimportant – but too many investors are currently euphoric. This often signals an imminent decline. Brandt:
“It doesn’t matter if I’m bullish or bearish. I am essentially long, but I am concerned that the bullish sentiment is way too high. ”
Tradet sees Ethereum rise as high as $ 17,500
In fact, the forecasts and expectations for the second half of the year are currently quite optimistic. Popular full-time trader Michaël van de Poppe (@CryptoMichNL on Twitter) also sees numerous coins explode to new highs. He writes to his more than 371,000 followers how much crypto currencies such as Bitcoin, Ethereum or Polkadot will rise in this bull run in his estimation:
“Bitcoin at $ 350,000-450,000
Ethereum to $ 10,000-17,500
Polkadot up to $ 250-350
Chainlink at $ 250-350
Cardano to $ 10-20
Zilliqa to $ 5-7
Elrond up to $ 500-1,000
DIA up to $ 50-75 “
We’re on the way with #Cardano.
Peak high bull cycle prediction:#Bitcoin to $ 350,000-450,000#Ethereum to $ 10,000-17,500#Polkadot to $ 250-350#Chainlink to $ 250-350#Cardano to $ 10-20#Zilliqa to $ 5-7#Elrond to $ 500-1,000#SLIDE to $ 50-75
– Michaël van de Poppe (@CryptoMichNL) August 20, 2021
Incredibly hopeful forecasts – but Poppe is not alone in his optimism. PlanB, one of the most prominent analysts in the industry, also confirms that Bitcoin has the potential to start another stage of the bull run in a recent tweet. According to the Dutchman, according to the stock-to-flow model, Bitcoin is still on the way to six-digit prices:
“Both Bitcoin S2F [stock to flow] (white line) as well as the on-chain signal (color, not yet red) still indicate a second stage of this bull market. “
– PlanB (@ 100trillionUSD) August 17, 2021
His prediction: Bitcoin rises to $ 100,000, then to $ 288,000.
Last updated on August 20, 2021
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