Bitcoin Faces Bearish Pressure, This Is According To Peter Brandt

Bitcoin, the largest crypto asset by market cap. (Photo; Doc. Mudrex)

JAKARTA - At the end of April, Bitcoin (BTC) faced bearish pressure after a series of corrections over four weeks. This digital currency is on the verge of closing the moon with the same grim sentiment, for the first time since August 2023. With less than 48 hours before May 2024, the price of Bitcoin is expected to continue to fluctuate.

Crypto traders seem to choose to wait on the edge of the market, anticipating an important announcement from the United States. On Wednesday, the US Federal Reserve was scheduled to release data on interest rates and FOMC statements. The crypto industry is preparing to face rising volatility as markets absorb upcoming US inflation data.

The question that has surfaced in the minds of many people is whether Bitcoin has reached its cycle peak. Veteran trader Peter Brandt argues that Bitcoin has seen an increase through an exponential depay, which suggests that this crypto asset may have peaked slightly above $770,000 (approximately IDR 1.137.500.000). However, Brandt also stated that the exponential depay model has only a 25 percent chance of success.

Another factor affecting the price of Bitcoin is continued adoption of digital assets and web3 protocols. With the launch of the Bitcoin spot ETF in Hong Kong on April 30, it is hoped that there will be an increase in buying pressure from US-based fund managers.

Brandt believes that the price of Bitcoin has the potential to jump beyond $100.000 (approximately IDR 1.625.000) in the coming months. This opinion is backed by Giovanni Santostasi, a well-known Bitcoin trader and investor, who predicts that the price of Bitcoin will reach $210.000 (approximately IDR 3.412.500.000) by the end of 2025 before falling to $83.000 (approximately IDR 1.348.750,000). Santostasi's prediction is based on analysis of the bull cycle that occurs after each Bitcoin reward cut.