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HomeCrypto NewsMarketPeter Brandt Takes A U-Turn On Bitcoin, Says 'Another Sharp Decline May NOT Happen'

Peter Brandt Takes A U-Turn On Bitcoin, Says ‘Another Sharp Decline May NOT Happen’


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Peter Brandt is feeling somewhat optimistic about Bitcoin, reviving laser eyes sentiment.

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In a tweet on Friday, veteran trader Peter Brandt has taken a U-turn on his previous Bitcoin prediction. 

While he does not explicitly state the reason for this change in outlook, he asserts that the leading crypto asset may not experience another steep price drop. However, he still expects it to trend lower for some time. Notably, the veteran trader expressed a rising optimism by reviving a picture of himself with laser eyes. According to the trader, while it is not yet time to pull out the laser eyes, he is considering incandescent vision, for now, showing mild optimism. 

As The Crypto Basic reported on October 25, Brandt had asserted that Bitcoin was due for a steep price drop. Notably, the analyst set the target for $13k. At the time, Brandt noted that he expected little excitement from the Bitcoin markets for a while, stating that a bull run to new highs was likely to start in late 2023 or early 2024.

It is worth noting that Brandt is not the only analyst that has been expressing positive sentiments about Bitcoin. Ali Martinez, sharing Glassnode data on Thursday, pointed out that the number of Bitcoin addresses is rising. According to the analyst, this is often a sign of accumulation. In an analysis on Friday, Martinez asserted that a close above the 21-week moving average could see the asset’s price make a run up to $24k at around the 200-week moving average.

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However, not all analysts are optimistic as well. il Capo of Crypto maintains his prediction that the leading crypto asset will crash to $14k in November. Notably, the analyst successfully predicted Bitcoin’s recent rallies, first to $21k and now to $21,500.

As the latest price action puts Bitcoin at the top of an ascending channel, the analyst cautions Bitcoin bulls that channels are not impulsive price moves. il Capo of Crypto asserts that this will be the last relief rally before Bitcoin plummets to $14k.

Equity and crypto markets are hoping that the Fed, after a recent 75 basis point rate hike, will pump the brakes on raising rates in December. Notably, this could boost perceived risk assets like crypto, which have suffered significantly lackluster price movements due to inflation-induced risk-off sentiment.

Bitcoin is trading at the $21,276.15 price point, up 3.19% in the past 24 hours.

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Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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