Analysts predict Bitcoin will rebound to $90,000 after crash

After the recent downward trend in the overall cryptocurrency market and Bitcoin falling below $50,000, one cryptocurrency analyst predicts that the Bitcoin crash may be over and the cryptocurrency will rebound significantly, predicting a new all-time high of $90,000.

•  Analysts Predict Bitcoin to Rally to $90,000
•  Bitcoin regains strength after market plunges 23%

 Analysts Predict Bitcoin to Rally to $90,000

In an X (formerly Twitter) post on August 5, cryptocurrency analyst Peter Brandt made a bold prediction, suggesting that Bitcoin could rebound significantly to $90,000 during this bull cycle. Brandt shared a price chart charting a series of rises and falls in Bitcoin’s value since the start of the year, predicting the pioneering cryptocurrency will reach $90,000 by the end of 2024. In his post, Brandt emphasized the importance of focusing on what might happen (possibility), rather than what is likely to happen (probability) or what is considered certain (certainty). This unique approach to market analysis avoids over-reliance on assumptions and remains flexible to various market outcomes. Brandt’s insights suggest that investors should be prepared for a significant rebound in Bitcoin, which could reach the $90,000 mark by the end of 2024.

However, when a cryptocurrency enthusiast asked Brandt for his opinion on the market, he mentioned their predictions for a Bitcoin bull flag in recent months. They asked Brandt if he agreed with the prediction and whether Bitcoin had hit a “golden pocket” – a key Fibonacci retracement level that often signals the next potential resistance level. Brandt cited multiple technical analysis authorities such as Schabacker, Edwards and Magee to dismiss the possibility of a Bitcoin bull flag. He explained that a true bull flag should not last longer than two months. Therefore, if the observed pattern lasts longer, it does not meet the bull flag criteria. Furthermore, when another crypto member asked if possibility is just a chance, Brandt clarified that while chance involves assigning specific numbers and making assumptions, possibility is broader and encompasses a wider range of potential outcomes. This distinction is crucial in the world of trading, and Brandt emphasizes the importance of avoiding trading based on assumptions. Brandt believes that by remaining open to all possible scenarios without bias, traders can make more informed and unbiased decisions.

 Bitcoin rebounds strongly after market plunges 23%

Before Brandt predicted a rally for Bitcoin to $90,000, the cryptocurrency had experienced significant price drops. According to CoinMarketCap, the price of Bitcoin has fallen to around $52,000 in the past week, a drop of more than 23%. Despite its recent price plunge, Bitcoin appears to be regaining positive momentum. The cryptocurrency has staged a remarkable recovery after hitting lows around $52,000. In just 24 hours, the price of Bitcoin surged 11.77%, indicating a positive shift in momentum.

Additionally, according to the latest report from CoinMarketCap, Bitcoin’s daily trading volume increased significantly, growing by 30.65%. The surge in trading activity points to renewed investor interest in digital assets.

The cryptocurrency now appears to be shaking off its previous bearish trend, steadily climbing towards previous price highs NEAR the $60,000 mark. As of this writing, Bitcoin is trading at $55,903, indicating that its upward trajectory may continue. This resilience in the face of market volatility highlights Bitcoin’s enduring appeal as the leading cryptocurrency.