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Peter Brandt

Ethereum Targets $3,900 as Brandt Confirms Powerful Trend Reversal

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  • Peter Brandt highlighted a bullish trend reversal in Ethereum, based on an Inverted Head and Shoulders pattern, signaling a potential sustained breakout.
  • Ethereum briefly surpassed the $2,745 resistance, reaching a new October high of $2,765 with a 5% gain.
  • Analysts predict a potential target of $3,900 if the breakout holds, with support levels at $2,117 and $1,932 in case of rejection.

Ethereum (ETH), the second-largest cryptocurrency, has turned heads once again with a confirmed bullish trend. This development was recently highlighted by renowned trader Peter Brandt, who has over 50 years of experience. Brandt, known for his accurate chart predictions, took to X (formerly Twitter) to share his insights on ETH’s price trajectory.

Brandt pointed out a key technical formation on Ethereum’s daily chart—a developing Inverted Head and Shoulders (H&S) pattern. This pattern is widely regarded as a reliable indicator of bullish reversals in technical analysis. It consists of three price dips, with the middle one being the lowest (the “head”), flanked by two higher lows (the “shoulders”).

According to Brandt, Ethereum is gearing up for a sustained breakout, provided it can hold above a crucial resistance level. The chart shows a neckline, a trendline connecting the peaks between the shoulders, currently sitting around $2,745.

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In a promising move, ETH briefly surpassed this line, rallying to a new October high of $2,765. This 5% daily gain is a significant rebound, especially after ETH’s recent underperformance against Bitcoin.

Ethereum is currently trading near $2,736, just below its recent peak. The daily trading volume has increased by 18%, highlighting robust market activity. Its market capitalization has reached $329 billion, representing 19% of the overall cryptocurrency market.

This reversal signals a shift in sentiment after weeks of sideways movement. Traders and investors are keenly watching for Ethereum to hold above $2,745, which could confirm the breakout. If successful, ETH could aim for higher price targets, potentially around $3,900, according to analysts.

Despite the positive outlook, Brandt revealed that he is still “flat in ETH,” meaning he hasn’t opened a position yet. His decision to stay on the sidelines indicates caution, possibly waiting for further confirmation before entering the market.

Other analysts echo Brandt’s cautious optimism. Jacob Canfield, a prominent technical analyst, noted that ignoring Ethereum’s bullish signals could be risky for traders. He also pointed out that support levels around $2,117 and $1,932 could come into play if the breakout fails to hold.

What’s Next for Ethereum?

Ethereum’s bullish trend marks a significant turn in the broader crypto market, especially as Bitcoin continues to dominate headlines. However, the true test lies in ETH’s ability to maintain its momentum and surpass key resistance levels.

ETH’s current momentum depends on its ability to stay above the $2,745 neckline resistance. If it can maintain this level, analysts project a potential rise toward $3,900. However, should a pullback occur, key support levels to watch are $2,117 and $1,932.

As Ethereum pushes forward, investors are gearing up for potential gains. All eyes are on whether this bull run will take Ethereum to new heights or if caution will prevail.

Bitcoin vs Gold: Peter Brandt’s Massive Response to Musk’s Remarks on USD Devaluation

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Elon Musk’s recent comments have reignited the debate over Bitcoin’s potential as a store of value. The CEO of SpaceX and Tesla highlighted the U.S. dollar’s devaluation, likening it to the hyperinflation seen in Zimbabwe. Musk’s critique of current monetary policies has drawn attention to the declining purchasing power of the dollar.

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Veteran trader Peter Brandt chimed in, noting the dollar’s reduced purchasing power over time. He pointed out that a dollar’s value at his birth has dwindled to just five cents today. This observation led him to consider BTC as a viable store of value.

In contrast, Chief Economist and Global Strategist Peter Schiff argued that the dollar’s devaluation doesn’t guarantee BTC’s value. Schiff suggested gold as a more reliable hedge against the dollar’s decline. He emphasized gold’s long history as a store of value, implying it offers more stability than BTC.

Brandt acknowledged gold’s enduring value but suggested a diversified portfolio. He proposed that including stocks and BTC could outperform gold alone, hinting at a balanced approach to preserving wealth.

The crypto community reacted energetically to this debate. Some praised Brandt’s recognition of the generational shift in economic opportunities. Others questioned BTC’s practicality compared to gold. This discussion highlighted the differing opinions within the community about BTC’s role as a store of value.

This debate followed Bryan Courchesne’s appearance on CNBC’s ‘Fast Money.’ Courchesne, CEO of Digital Asset Investment Management (DAIM), discussed Bitcoin’s potential as a U.S. reserve asset. He noted the Department of Justice’s significant BTC holdings, approximately 200,000 BTC. This makes the U.S. the largest sovereign holder of BTC globally.

Courchesne suggested that transferring this BTC to the Department of the Treasury could allow the U.S. to hold Bitcoin as a strategic asset. This move could position Bitcoin as a reserve asset, though he acknowledged the complexities involved.

Bitcoin’s Current Metrics

Amidst these discussions, Bitcoin’s price stands at $66,019.39. The 24-hour trading volume is $34,540,641,124. This marks a slight price decline of 0.69% in the last 24 hours, but a 0.68% increase over the past week. These metrics highlight Bitcoin’s volatility and the ongoing debate about its stability as a store of value.

Elon Musk’s comments have sparked a renewed debate about Bitcoin’s role in the financial system. As experts weigh in, the discussion underscores the evolving views on digital assets and their potential to hedge against traditional currency devaluation. While opinions vary, the debate itself reflects a growing interest in Bitcoin’s place in the global economy.

Bitcoin’s Next Peak: Brace for Q3 2024, Says Veteran Trader

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As Bitcoin reaches multi-month highs, the cryptocurrency community is buzzing with rising optimism about its future trajectory. However, renowned market analyst and trader Peter Brandt has taken a more cautious stance, asserting that anyone claiming to predict any market’s future is naive. He contends that the much-anticipated all-time highs [ATHs] won’t materialize until the third quarter of 2024.

Brandt, known for his provocative statements, believes that Bitcoin has already hit its lowest point, but traders and investors should prepare for a volatile journey to the next ATH. He shared his perspective, stating that he firmly believes the BTC bottom has been reached, but new highs won’t arrive until Q3 2024. In the X post [formerly Twitter], he relies on a blueprint he has used for nearly two years, acknowledging that markets always have the potential to surprise.

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Bitcoin's Next Peak: Brace for Q3 2024, Says Veteran Trader 4

Recently, the seasoned prop trader pointed out a crucial point that Bitcoin has reached. He observed that if the cryptocurrency crosses the trendline, it could either act as a negative indicator or, on the contrary, a trap for bears. Brandt therefore urged users to closely monitor any anomaly in the trendline.

With a substantial following of nearly 700,000 on his official X platform, Brandt is considered a trading legend, given his extensive experience in foreign exchange and futures markets since 1975. His tweets naturally draw attention from traders and investors, sparking responses from the community.

Bitcoin’s Major Events Not Enough To Be Price Pullers

Earlier, Brandt dismissed Bitcoin’s two highly anticipated events of 2023—the halving and the potential approval of BTC ETFs—as “Non-Events.” Bitcoin halving, occurring every four years, reduces miners’ rewards by half, slowing down the creation of new BTC. The fourth Bitcoin halving is slated for April 16, 2024, reducing block rewards from 6.25 to 3.125 BTC per block.

Traditionally, Bitcoin halving events have resulted in substantial gains for investors. Each of the previous halvings in 2012, 2016, and 2020 saw Bitcoin prices rise in the months leading up to and following the event.

Additionally, market participants are eagerly anticipating developments concerning spot ETFs. Many believe such a product would attract significant institutional investments in BTC, potentially triggering a surge in its price. Despite widespread optimism in the crypto community, Brandt remains cautious, expressing skepticism about the potential impact of these developments.

Bitcoin Navigates Turbulence: Expert’s Predictions Vary Amid Price Instability

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Bitcoin, the leading cryptocurrency, faced two turbulent days on Thursday and Friday, leaving equities and digital assets on an unstable footing to close the week. The once-bullish sentiment turned fearful after a recent Bitcoin price crash, triggering a cascading series of sell-offs throughout the broader cryptocurrency market.

The future of Bitcoin is uncertain, as experienced trader Peter Brandt has issued a warning. Brandt used Twitter to draw attention to the fact that BTC’s price is currently testing the neckline of an inverted head-and-shoulders pattern. He has expressed concern that a drop in Bitcoin’s price could occur and has cautioned that if the price falls below $24,800, it could have negative implications for daily and weekly charts.

Amid this uncertainty, notable crypto analysts CrediBULL Crypto, Crypto Tony, and Crypto Birb have all identified a potential silver lining. They suggest $25,000 could be an attractive entry point in these turbulent times. CrediBULL Crypto, in particular, predicts that Bitcoin’s price will not dip below this level, drawing parallels to a previous market correction that paved the way for a historic surge.

Adding to the ominous signs, market analyst Rekt Capital identified a bearish technical signal in BTC’s recent behavior. With the Double Top pattern confirmed, BTC could soon encounter resistance at the $26,000 mark, a stark departure from its previous role as a support level, indicating a downward trajectory.

Bitcoin Market Movement 

Bitcoin is traded at $25,905, showing a 2.22% decline over the past 24 hours. Additionally, there has been a significant 45% drop in daily trading volume, indicating a considerable decline in trader engagement.

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has faced a similar 2% decline in price over the past 24 hours, settling at approximately $1,660. Despite reports hinting at potential SEC approval for Ether futures ETFs, Ethereum has struggled to maintain its upward momentum. Trading volume for ETH has also dipped significantly, down by 55% in the same 24-hour timeframe, indicating a notable decrease in trader activity.

As Bitcoin’s bearish trends take center stage, the crypto world watches with bated breath, waiting to see how these developments will impact the leading cryptocurrency and the broader digital asset market.

Related Reading:| Bitcoin’s Recent Price Plunge: Insights From CoinShares James Butterfill

Bitcoin: Veteran Trader Calls Two Major Price Pullers “Non-Events”

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Bitcoin’s two most anticipated events of 2023—the halving and potential approval of BTC ETFs—are expected to act as crucial levers tugging on its price. But according to leading market analyst and trader Peter Brandt, the upcoming events would hardly make any dent in the dominant coins’ price, labeling it a non-event. Brandt’s remarks defy the current market sentiment, which remains upbeat over the events.

Occurring every four years, Bitcoin halving, as the name suggests, reduces miners’ rewards by half, effectively reducing the rate at which new BTC is created. The fourth Bitcoin halving is currently due to occur on April 16, 2024, when block rewards will reduce from 6.25 to 3.125 BTC per block.

Historically, Bitcoin’s halving has brought windfalls for investors. So far, there has been a BTC halving in 2012, 2016, and 2020, and each one has seen the price of Bitcoin rise in the months before and after the event.

Market participants are also looking forward to developments around the spot ETF, as major companies like BlackRock and Fidelity have lined up to launch the investment vehicle. The general belief is that such a product would significantly increase institutional investment in BTC, leading to a surge in price.

Brandt, in contrast to the majority’s stance, thinks this too will be a non-event. He also scoffed at the asset’s linkage to other markets, arguing that Bitcoin’s position at the top of the food chain is all that matters in the end.

“Bitcoin Will Be Top Of Food Chain Is Crazy Bullish”

The veteran trader’s controversial comments had mixed reactions, with some agreeing that “halving is just the beginning of the next marketing cycle, which takes time to play out.” Others disputed the ETF part, asserting that the spot ETF would instead amplify the price of BTC. Brandt’s quote about Bitcoin being at the top of the food chain was nonetheless seen positively by many.

The cryptocurrency market was largely unresponsive the day before, when Jerome Powell, the chairman of the US Federal Reserve, increased interest rates by 25 basis points [bps]. BTC remained unfazed, hovering within the $29k range, with a marginal dip in the past 24 hours.

Binance.US: Crypto Depeg & Discounted Prices Raise Concerns, Future At Stake

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Cryptocurrencies listed on Binance.US, the US-based crypto exchange, are trading at discounted prices, creating what the crypto community calls a “crypto depeg” phenomenon. The value of the two most important digital assets, Bitcoin and Ethereum, is $27,500 and $1,700, respectively. These values reflect discounts of $3,000 and $200 from current prices worldwide.

Amidst the trading discounts, the popular stablecoin USDT remains depegged from the US dollar, with a value of $0.91. This situation follows the US Securities and Exchange Commission’s (SEC) lawsuit against Binance and the suspension of USD deposits and withdrawals. Other altcoins are also available at discounted prices on the Binance.US platform.

Binance.US: Discounted Crypto Prices and Concerns Amidst Liquidity Challenges

The discounted prices on Binance.US have prompted traders to seize arbitrage opportunities. Bitcoin (BTC) and Ethereum (ETH) prices experienced a 2% surge on the exchange. Traders took advantage of the price discrepancies by purchasing at lower prices and selling on alternative platforms at higher rates. However, it is essential to note that this arbitrage strategy can only be executed by individuals holding USD balances on Binance.US, as deposits have remained suspended for almost a month.

The crypto community has expressed concerns regarding the future of Binance.US, primarily due to a significant number of executives departing from the exchange. Respected veteran trader Peter Brandt criticized Binance CEO Changpeng Zhao (CZ) for the USDT depeg incident, referring to it as the “scam of the decade.” Brandt highlighted a past incident where Binance.US approved Bitcoin sell orders at $8,000 while the cryptocurrency traded at $60,000 on other exchanges. He emphasized the need for the community to question CZ about these occurrences.

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Adam Cochran also cautioned the community against trading on Binance.US. He criticized CZ for contributing to market uncertainty, particularly as the US Department of Justice (DOJ) prepares to take legal action against the exchange. Cochran’s statement targeted those who blindly believe in CZ, stating:

“All you Binance simps that believe CZ is a god who would never let you down can deposit into Binance.US and get cheap coins any time you want.”

The broader crypto market is grappling with liquidity issues as investors continue to hold and balance their assets, resulting in decreased liquidity on exchanges. To address this concern, major global exchanges like Binance and Coinbase have implemented various strategies and promotions to increase market liquidity.

It is important to note that the last date for USD withdrawals on Binance.US is set for July 20, which adds further urgency to the crypto market’s liquidity challenges.

Binance.US is witnessing a “crypto depeg” situation, where cryptocurrencies trade at discounted prices. Bitcoin and Ethereum, in particular, are available at significant discounts. However, the ongoing issues surrounding Binance.US, including executive departures and the USDT depeg incident, have raised concerns about the exchange’s future. Liquidity remains a pressing issue for the broader crypto market, prompting exchanges to undertake efforts to boost liquidity. Traders and investors should stay vigilant and closely monitor developments as the landscape evolves.

Related Reading: | SEC’s Motives In Ripple Lawsuit Raises Concerns By Attorney John Deaton

Dogecoin Bear Market Has Ended, Says Peter Brandt

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Trader Peter Brandt claims in a recent tweet that meme coin Dogecoin has already started a new bull market cycle. Before a recent rally, the well-known Bitcoin parody had been mired in a bear channel for well over a year.

Early in 2021, Dogecoin experienced tremendous growth, and its market capitalization surpassed an astounding $90 billion. However, last May, its wild run came to an abrupt end.

In the early part of this year, Dogecoin failed to break out of the huge bear channel despite numerous attempts. However, according to data from CoinMarketCap, the satirical crypto is on a rally once more, rising by more than 94%.

Considering that Dogecoin is still down a breathtaking 84.26% from its all-time high of $0.731578, those who purchased it at its peak are still seated on significant losses. However, those who believe that the Twitter-driven rally could start a new bull run may find that Dogecoin is a compelling investment at its current price. DOGE is currently trading at $0.1152, with a 24-hour loss in value of 12.9%.

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Dogecoin Bear Market Has Ended, Says Peter Brandt 6

Charles Hoskinson tweets that Dogecoin finally has a use case

Charles Hoskinson, the creator of Cardano, proposed developing a new version of the primary meme coin called post-quantum ultrafast DOGE on Cardano. Cardano Sidechain Should Be Related To DOGE, Says Charles Hoskinson Despite receiving 80% of the vote in favor, Billy Markus, the man who created Dogecoin, did not agree with Hoskinson’s proposal.

Markus claims that the founder of Cardano is being hypocritical in his offer because he previously detested DOGE and even made a video in which he very harshly referred to DOGE as a bubble in April 2021.

Hoskinson disputed that assertion by stating that DOGE would gain widespread adoption and a 200 million-strong user base once Elon Musk incorporates DOGE into Twitter. The founder of DOGE believes that does not, at least not yet, change the situation.

It is amusing that DOGE has surpassed ADA in CoinMarketCap’s ranking of the top cryptocurrencies by market capitalization, thanks to the price movement of recent days, given the Cardano and Dogecoin disputes.

“Buy More Bitcoin”- Robert Kiyosaki

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Bitcoin along with silver and gold stands to benefit from the rising interest rates and United States dollar, author of Rich Dad Poor Dad Robert Kiyosaki, tweeted.

Calling the assets a “buying opportunity,” the businessman quoted, “When FED pivots and drops interest rates as England just did you will smile while others cry. Take care”

The day before, Kiyosaki said in an article that this “flip” might occur as early as January 2023, causing the U.S. dollar to “fall” in a manner similar to the newly devalued British pound.

Will the American dollar adopt the British pound sterling? It will, I think. After the Fed pivots, the US currency will crash, in my opinion, by January 2023, Kiyosaki predicted, adding that he “will not be a victim of the F*CKed FED.”

As reported by TronWeekly, the number of currencies leaving exchanges for Bitcoin was among the greatest in the previous three months. According to Santiment, 34700 BTC coins departed exchanges on September 30th, possibly indicating trader optimism heading into the fourth quarter.

“The last time at least this much $BTC left exchanges was June 17th, where prices jumped +22% the next 4 weeks”, the online data platform noted.

Bitcoin may experience significant corrections in 2022, but investor interest in the asset has increased. BTC’s trading volume has continually increased as the top cryptocurrency appears to live up to expectations of being a safe haven asset in the face of high inflation.

Bitcoin Has A 50-50 Chance Of Falling To Zero

However, commodities trader Peter Brandt is still standing by his long-standing forecast that the price of Bitcoin may eventually fall to zero. The chartist continues to think that there is a 50% possibility that such a disastrous event will occur.

The largest cryptocurrency, according to Brandt, has an equal probability of rising to a value of $250,000, noting that it has an “asymmetrical reward-to-risk trade.”

Even though the biggest cryptocurrency has been there for a while, there are always those who believe it will eventually vanish from existence.

The biggest critic of all time is Charlie Munger, vice chairman of Berkshire Hathaway and Warren Buffett’s right-hand man, who recently stated that Bitcoin was “extremely likely” to reach zero and that it was also “dumb” and “evil.”