The cryptocurrency market rallied after a cold US CPI. Bitcoin, the leading crypto, jumped above $66,000 in a strong move. What’s more, this move could continue. Legendary analyst Peter Brandt’s latest forecast for Bitcoin’s price trajectory points to higher levels. QCP Capital also predicts a trajectory in line with Brandt’s forecast.
Legendary analyst expects a Bitcoin price pump
As you have been following on Kriptokoin.com, the crypto market made a relief rally after the cold US CPI. In the process, the leading crypto Bitcoin went on a run above $66,000. Legendary analyst Peter Brandt reaffirmed his optimistic outlook on Bitcoin. On social media, Brandt shared a Bitcoin price chart summarizing his predictions for the future trajectory of the cryptocurrency. Brandt’s analysis suggests that Bitcoin is poised for a significant increase. In this context, he points to a potential all-time high of $74,000.
Brandt, known for his seasoned expertise in financial markets, has consistently defended Bitcoin’s bullish potential. Emphasizing the reliability of his analysis, Brandt noted that it is in line with his previous interpretations of market trends. The chart shared by Brandt shows an accumulation pattern following a minor pullback, resulting in the expected bullish trend for Bitcoin’s price.
QCP Capital Leading cryptocurrency is on its way to ATH!
QCP Capital today expects Bitcoin to return to its peak levels of $74,000 after the US CPI data. The institutional-oriented firm referred to the demand on the buy side. In this context, he said, “We expect bullish momentum here that will take us back to 74 thousand levels.” The firm explained its forecasts as follows:
The desk has seen large buyers of 100-120 thousand BTC Calls for December 2024 on this rise in the spot. Institutional demand for BTC continues to rise with large asset managers Millennium and Schonfeld investing around 3% and 2% of their AUM in the spot BTC ETF.
Hedge fund Millennium Management invested nearly $2 billion in Bitcoin ETFs in the first fiscal quarter. Meanwhile, spot Bitcoin ETFs in the US recorded daily net inflows totaling $302.97 million yesterday. This is the largest figure since May 3. “With key government and institutional adoption, disinflation and the upcoming US elections, the stars seem to be aligning on this breakout,” QCP Capital summarized.
Bitcoin fuels bullish sentiment with its latest move!
QCP Capital and Peter Brandt‘s bullish sentiment comes on the heels of Bitcoin’s recent price surge. The cryptocurrency surged strongly, breaking the $66,000 per BTC mark. This upward momentum coincided with positive inflation data and record highs in major stock market indices. It also signaled a shift in market sentiment from bearish to bullish.
Brandt’s track record of accurately predicting market movements lends credibility to his analysis. Some remain cautious, citing the notorious volatility of cryptocurrencies and the unpredictability of market dynamics. Questions remain about the sustainability of Bitcoin’s upward momentum and the potential impact of external factors such as monetary policy developments and recession risks.
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