Peter Brandt, a veteran trader, believes that Bitcoin will regain its previous high price of $125.100 this week. But not before one last major correction.
“Either a huge shakeout, which would be confirmed by an ATH quickly within the next week or so,” He acknowledged that there might be an even more bad outcome.
“Or a violation of the parabola, which every time in the past has produced a 75% price decline. I think the day of the 80% decline is over, but perhaps back to $50-60,000 and test the lower skin of the banana.”
Considerations for traders “long-term risk,” Says an analyst
Crypto market crash on Friday following US President Donald Trump’s announcement that he would impose a 100% tax on Chinese imports, leading to a over $19 billion in liquidations The market is a great place to start.
Bitcoins (Bitcoin) dropped to a low of $102,200 on Friday after dropping as low as $121,000.BTCThe price of a, at the moment of publishing, has risen to about $112 400. according CoinMarketCap is a great place to start.
“If anything, this weekend was a reminder you have to be so careful with leverage, and even multiples above 1.5x are dangerous,” Charles Edwards, founder of Capriole Investments, told Cointelegraph.
“They do, and you need to always consider multi-year, long-term risk,” He said. He described the volatility over the weekend as temporary and his outlook for coming weeks simply “up.”
Others analysts, however, remain positive. They cite broader macroeconomic signs as indicators that more capital will flow to the crypto market over the next weeks.
“Buy everything,” Arthur Hayes, co-founder of BitMEX
Arthur Hayes is the co-founder and CEO of BitMEX said The US Federal Reserve chair Jerome Powell indicated that quantitative tightening was imminent in a post in X on Tuesday. “is over.”
“Back up the … truck and buy everything,” Hayes said.
Crypto is a bull for quantitative easing as it encourages the banking system to lend more. makes borrowing cheaper Lower interest rates benefit both consumers and business.
Related: Bitcoin price reclaims key level as traders say $150K BTC still in play
Swyftx’s lead analyst Pav Hundal, who spoke to Cointelegraph Tuesday about the company, said that “the fundamental economic data is the big story for Bitcoin right now.”
“Inflation is facing a double whammy at the moment from lower oil prices and demand, and at the same time, the US labor market is showing signs of distress,” Hundal stated that US inflation had reached 2,90% in August, its highest level since the beginning of January.
“The Fed has a mandate to target full employment, and it all just feels inevitable that we’ll see further rate cuts this month. This is a goldilocks zone for Bitcoin,” He said.
Macroeconomist Lyn A. Alden has recently said She says on a Podcast that she’s leaning “toward this next quarter being probably pretty favorable” Bitcoin.
Magazine: Review: The Devil Takes Bitcoin, a wild history of Mt. Gox and Silk Road
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Source: cointelegraph.com
