Peter Brandt Predicts BTC to Hit $40K: Could It Reach $35K?
• Peter Brandt’s trading company, Factor LLC is reportedly going long on five top assets including Bitcoin.
• Brandt expects Bitcoin to hit $40K in the short term, with a fulcrum bottom pattern forming from which the price took off recently.
• Back in March, he predicted that BTC may not get close to $50k anytime soon, but expected it to reach new all-time highs within 12 months.
Peter Brandt’s Billion Dollar Investment Arm Going Long on Bitcoin
Peter Brandt’s trading company Factor LLC is reportedly investing into Bitcoin and other top assets. The leading cryptocurrency is expected to hit a whopping $40K in the short-term as per his predictions made through analysis of a Fulcrum bottom pattern.
What Is A Fulcrum Bottom Pattern?
A Fulcrum bottom pattern resembles the shape of a simple lever and appears after a prolonged downtrend. It involves a failing recovery taking place in the middle, followed by weaker recoveries before finally breaking out of it. Analysts suggest that this could be driving BTC prices up towards $34K and beyond as per Ali Martinez‘ prediction earlier this month.
Brandt’s Earlier Prediction For Bitcoin
In March 2023, Peter Brandt had tweeted that he expects Bitcoin to record a new all-time high in the next 12 Months although he also suggested that BTC may not get close to $50k anytime soon. His prediction was further reinforced when mining difficulty increased back in April 6th .
Will This Drive BTC Price To $35,000?
It certainly looks like it could! If Peter Brandt’s long positions are successful then we can expect BTC prices to skyrocket further towards its all time high range of around $60k -$65k by 2024 according to past cycles recorded in the crypto market. With traders like him investing heavily into bitcoin, we could see an unprecedented rally take place over the coming years!
Conclusion
It remains uncertain how much of an impact Peter Brandt’s investment arm will have on bitcoin prices; however with such an influential figure investing heavily into cryptocurrency markets there is no doubt that it will have some effect! We can only wait and see if this drives BTC prices up towards its target price or not!