- Bitcoin experienced a rapid rise, driven by significant developments within the crypto community and a decisive move above the $31,000 resistance level.
- Brandt predicted that Bitcoin could likely face a long period of price consolidation or sideways movement before reaching all-time highs.
- Jim Cramer, host of CNBC’s “Mad Money” program, also makes negative predictions about the future price of Bitcoin.
Bitcoin price rose significantly on the latest ETF news and remains strong: Could this price rally lead to a new record?
Will Bitcoin Price Reach a New Record This Year?
Bitcoin experienced a rapid rise, driven by significant developments within the crypto community and a decisive move above the $31,000 resistance level, eventually surpassing $35,000. What makes this rally particularly interesting is a growing sentiment among pundits and analysts that a bottom may have been found for Bitcoin. The latest name to join this chorus is veterinary trader and market analyst Peter Brandt.
Brandt expressed his belief that Bitcoin found its bottom level, although he emphasized the unpredictability of market directions on Twitter last Wednesday. He stated:
“Anyone claiming to know the future direction of any market is a fool. Markets ALWAYS surprise. Yet with this disclaimer, I think: BTC has found a bottom; New all-time highs will not come until 3Q 2024.”
However, Brandt also predicted a prolonged period of price consolidation or sideways movement before Bitcoin likely reaches its all-time highs, and he mentioned sticking to a plan for two years regarding this.
Yet, Brandt is not the only analyst with a bullish perspective. Popular crypto analyst Kevin Svenson highlighted historical cycles, noting that the best buying opportunities for Bitcoin often occur before halving events, suggesting that historical cycles are still in harmony.
What Other Investors Are Predicting?
However, not everyone in the crypto community shares this optimism. Renowned gold advocate Peter Schiff continues to express his skepticism, tweeting:
“Bitcoin speculators have overhyped demand for a new Bitcoin ETF. Given that there are plenty of ways to get exposure to Bitcoin, there is unlikely to be a large group waiting to buy. The ones waiting are Bitcoin holders.”
Jim Cramer, the host of CNBC’s “Mad Money” program, also made negative predictions about Bitcoin’s future price. He stated earlier this month that Bitcoin would experience a significant drop. However, Bitcoin enthusiasts view such predictions with skepticism and take pride in the recent surge in crypto prices.
Meanwhile, crypto fund manager Dan Tapiero shared his positive views, stating that Bitcoin’s support at $25,000 would likely push the cryptocurrency to the range of $35,000 to $45,000 in the short term and lead to new peaks until 2024.
As Bitcoin continues to maintain its strength, experts and analysts continue to debate its future trajectory. Crypto analyst ‘Rekt Capital’ noted that all major bearish fractal invalidation criteria have been met and pushing Bitcoin above its yearly high of $31,000 could drive the price even higher.
