Prominent trader Peter Brandt has taken on Bitcoin bears, who are calling for the cryptocurrency to enter a bear market, saying current price action does not signify a crash.
Still, Brandt remains positive about its state concerning the fluctuations of Bitcoin prices in the market.
His remarks come at a time when sentiment in the cryptocurrency has been flooded with strong views from both traders and analysts because of strong U.S. job numbers that went out in the market today.
Peter Brandt is a professional trader who avails himself to offer his outlook on the market this year has recently addressed the misconceptions surrounding Bitcoin’s price trend in a post on X (formerly Twitter).
He pointed out that, price charts currently expect Bitcoin to fall down to $73,000, however, such forecasts are always inaccurate because digital currency prices are highly unpredictable.
According to Brandt, price charts are better seen as indicators that help determine the existence of potential asymmetric bets within a given time horizon rather than as accurate forecasting indices.
His comments were particularly timely given that by the time he was speaking Bitcoin had plummeted to $95,328.48.
One has to actually tame the storm raised within the Bitcoin community on what many classify as a ‘Bitcoin crash’. Bitcoin has also recorded a slump in its prices and this period has been characteristic of a slump in most cryptocurrencies.
New developments in the U.S. employment figures released again have created additional turmoil in the current crypto markets.
The statistics point to a trend with lower quit rates but higher job opening levels indicating the new normal in the labor market.
It also implies that people are not willing to search for new job positions to change their status of employment, which also shows a conservative economy.
Several economic researchers have posited that more tariff policies in the current administration could affect the labor market.
They emphasize that a situation of increased tariffs may lead to high import costs, which has the effect of putting pressure on the expenditures of consumers or in other words reducing their disposable income.
This might in some obscure manner have an impact on investiture behaviors this is preference for such instruments as Bitcoin.
The recent decline in the price of Bitcoin has brought into perspective the future direction of the Bitcoin market. Second, altcoins which mimic the movement of Bitcoin, are also being pressurized which has raised concern among investors regarding market stability.
Still, traders have been reassured by Brandt’s claim that the price of Bitcoin behaves randomly in any case. It is, thus, possible to assume that when temporary changes in prices occur, they should not be viewed as permanent trends.
While the focus is on the FOMC meeting minutes due for the Federal Reserve, as this might bring some more sentiment in the markets.
The Federal Reserve pointed out just two rate cuts to occur in 2025 against four, as stated earlier. Such a policy shift has already manifested itself in the expectations of markets in the course of recent months.
There is consensus among market professionals over the future prospects of Bitcoin and the crypto market as a whole.
The latest from the renowned author of Rich Dad Poor Dad Robert Kiyosaki is that Bitcoin, gold, and silver could act as a hedge against inflation and macroeconomic turmoil.
He told the audience about the recent Bitcoin crash as a perfect chance for people to buy the cryptocurrency at a lower price.
They amplify the understanding that the market has different beliefs about the short-term downside and the long-term upside of Bitcoin.
The subsequent period of several weeks should become an important one since the work of traders will depend on the economic data and possible new regulations concerning the particular cryptocurrency.
On-Chain Media articles are for educational purposes only. We strive to provide accurate and timely information. This information should not be construed as financial advice or an endorsement of any particular cryptocurrency, project, or service. The cryptocurrency market is highly volatile and unpredictable.Before making any investment decisions, you are strongly encouraged to conduct your own independent research and due diligence
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