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Veteran trader Peter Brandt is convinced that the price of Bitcoin will mark $108,000 in the coming days. This forecast ignites optimism among investors and enthusiasts of the largest Cryptocurrency about a possible recovery. During the last few days, speculation has been the queen of the crypto market.
Following the sharp profit-taking that began to take place on Wednesday, the BTC price showed some signs of recovery. Some whales took advantage of the low prices to increase their bets, but selling pressure remains strong.
Thus, after some attempts to settle above $98K, that pressure pushes the price of the digital currency downwards. This high level of volatility causes great uncertainty, which extends to the rest of the alternative currencies. Although the downward trend continues, the return of capital to the crypto world is consistent.
In any case, Brandt considers that this progressive return of investors presents an evident potential for a recovery in the immediate term. If this trend continues, he believes, the price of Bitcoin will soon reach $108K per coin. Thus, the largest of the cryptocurrencies would close the year with an exchange value close to its historical highs.
Hey trolls — this is not a prediction. Just always pointing out possibilities, not probabilities, not certainties. No screen shot is necessary $BTCA right angled broadening triangle could project back into the 70s and a test of the parabolic modality pic.twitter.com/n5sy6DxAMb
— Peter Brandt (@PeterLBrandt) December 20, 2024
Bitcoin price is not out of the danger zone
Despite this notable optimism in his prediction, the expert also warns of possible dangers. Based on your experienced knowledge of chart reading, a pullback that could include $70,000 per coin in the short term should not be ruled out.
Despite the danger of a larger correction, it should be noted that the overall uptrend is not in danger. Basically, the bad moment this week would be one of the constant bumps in the ascending price line. The consensus expects 2025 to be a year of great positive developments for the largest cryptocurrency.
So far, the attitude of the whales seems undecided about which path to take and large transactions enter and exit the exchanges. Meanwhile, the situation among retail investors is one of total uncertainty. Some experts recommend everyone to buy and think in the months ahead instead of expecting short-term profits.
With this in perspective, it can be said that this week does not seem like much stability for the price of Bitcoin. Despite this, we must wait for some high-impact data such as the performance of Bitcoin spot ETFs. The price of BTC could depend on what happens with these products on the first trading day of the week.
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