As Bitcoin surpasses $89,000 and approaches the $90,000 mark, expectations for an increase are also increasing. As the possibility of BTC reaching triple digits by the end of the year increases day by day, a prediction came from Peter Brandt, who has 50 years of experience.
Sharing his predictions from his X account, Peter Brandt claimed that Bitcoin could reach $125,000 by the end of the year.
American trader Peter Brandt based his forecast on Bayesian theory, which determines the conditional probability of future events based on past data.
According to Bayesian theory, Brandt claimed that Bitcoin could repeat its performance from the first quarter of this year in the fourth quarter and reach $125,000 by the end of the year.
The analyst also stated that an important buy signal has come for Bitcoin, and that an Inverse Head and Shoulders formation has formed on the BTC chart.
According to Brant, he claimed that if the Inverse Head and Shoulders formation works, Bitcoin could exceed $ 200,000. Accordingly, Brandt, who analyzed Bitcoin's 2021 bull period as the left shoulder, the 2022 bear bottom as the head and the last consolidation period as the right shoulder, argued that Bitcoin could experience a rise as much as the head and shoulder range.
According to the chart shared by Brandt, if the inverse head and shoulders formation works, the BTC price may exceed $200,000 or even $240,000.
Bitcoin continues to trade at $89,450 at the time of writing.
Major buy signal over the weekend in Bitcoin $BTC pic.twitter.com/DBedJusTUm
— Peter Brandt (@PeterLBrandt) November 11, 2024
*This is not investment advice.
