Tomiwabold Olajide
Bitcoin price currently consolidating in tight range, hinting at potential move
In a bold declaration, veteran trader Peter Brandt, with over four decades of experience tracking markets, has revealed Bitcoin as one of his largest investment holdings. Brandt posted a BTC chart alongside that of gold with the caption: “Charts of my two largest investment holdings.”
On the Bitcoin chart, Brandt highlighted the patterns that had led to BTC price breakouts in its prior and current price cycles.
Brandt’s assertion comes at a pivotal moment for the cryptocurrency market, as Bitcoin’s price hovers in a critical range, prompting speculation about potential future movements.
Bitcoin’s price has been consolidating in a tight range since March 26, oscillating between $68,369 and $71,789. Meanwhile, investors and traders continue to closely watch for signals of potential new moves.
Bitcoin (BTC) traded around $70,000 at the time of writing, showing little change in the past 24 hours.
Bitcoin halving now 23 days away
Bitcoin’s reward halving, a quadrennial event due in April, will lower mining rewards to 3.125 BTC from 6.25 BTC. according to OKLink, the estimated date for this much-anticipated event is April 23, 2024, with a present countdown of 23 days.
With Bitcoin’s reward-halving event on the horizon, there are speculations that this could spark additional inflows into U.S.-based spot BTC ETFs, propelling values into the six digits in the coming months.
In an earlier prediction, Peter Brandt expects the ongoing Bitcoin (BTC) bull market to peak at $200,000.
Michael van de Poppe, a cryptocurrency analyst, anticipates a Bitcoin price top of $300,000-$600,000 in this current bull cycle, citing a strong pre-halving surge that outperformed past cycles.
In the very short term, crypto analyst Ali predicts a potential increase of 4.44%, targeting a price of $74,760 should BTC maintain its position above the 200 EMA and surpass the neckline resistance at $71,580 as Bitcoin shows a head-and-shoulders formation on the 30-minute chart.
