Global commodity trader Peter Brandt has made a groundbreaking forecast about Bitcoin's (BTC) future. He predicted that Bitcoin could potentially break through approximately $500,000 in the long term, while also warning of a painful correction that could see it drop to around $60,000 just before that surge.
Brandt shared this forecast shortly after Bitcoin reached an all-time high of $124,517 on the US Bitstamp exchange. The market subsequently experienced an unstable trend, dropping sharply in the aftermath of the July Producer Price Index (PPI) announcement, which fell short of expectations. Brandt noted that there is approximately a 30% chance that the market's peak has already been formed, given the repeated cycles of price spikes and drops.
However, he did not maintain a purely pessimistic stance. "As a Bayesian trader, I review scenarios based on probabilities. To survive, one must coldly observe the market, excluding personal positions or hopes," Brandt explained. With a 50-year career, he has previously demonstrated sharp insights within market cycles.
Meanwhile, several experts besides Brandt continue to support Bitcoin's long-term growth potential. Notably, Standard Chartered predicted that Bitcoin could rise to as much as $200,000 by the end of this year. Venture investor Tim Draper also attracted market attention by stating that Bitcoin could surpass $250,000 within this year.
Furthermore, according to the decentralized prediction platform Polymarket, investors currently estimate a 40% probability that Bitcoin will reach $150,000 this year. Chris Burniske from crypto investment firm Placeholder has also mentioned the potential to rise to around $143,000.
Brandt's statements are more than mere predictions; they reignite awareness of the potentially radical volatility the cryptocurrency market might experience. His insights suggest to investors the importance of a strategic approach that considers deep price drops and recovery processes, rather than simply chasing price increases. This once again emphasizes that even in a bullish market, a cool-headed preparation for extreme corrections is essential for Bitcoin.
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