Experts Share Insights and Predictions on Bitcoin’s Future

One sentence summary – Bitcoin’s future is being analyzed by experts, with Peter Brandt predicting a bearish trend if it closes below $24,800, while Craig Wright believes specialized server farms will take over transaction processing, and Michael McGlone suggests a significant reversal may occur due to negative US money supply and rising T-bill rates.

At a glance

  • Peter Brandt predicts a bearish future for Bitcoin if it closes below $24,800.
  • Brandt believes Bitcoin is testing the neckline of an inverted Head & Shoulders pattern.
  • Craig Wright envisions specialized server farms taking over transaction processing in the future.
  • Michael McGlone suggests a significant reversal may occur for Bitcoin due to negative US money supply and rising T-bill rates.
  • McGlone draws parallels between Bitcoin and the stock market in the 1930s.

The details

Bitcoin’s future is under scrutiny as several experts share their insights and predictions.

Peter Brandt, a well-known commodity trader, has recently shared a bearish prediction for Bitcoin on Twitter.

Brandt points out that Bitcoin is currently testing the neckline of an inverted Head & Shoulders pattern on the chart.

He suggests that if Bitcoin closes below the $24,800 level, it could negatively impact the daily and weekly graphs.

Despite criticism from the crypto community, Brandt maintains his belief in the bearish potential of Bitcoin.

An inverted Head & Shoulders pattern typically indicates a transition from a bearish trend to a bullish one.

Previously, Brandt had mentioned that Bitcoin was challenging a multi-contract trend line and expected a bear signal or bear trap in August.

As a swing trader, Brandt anticipates the violation of the upward trend line and would choose short or flat positions unless a bear trap occurs.

Brandt prefers horizontal chart construction.

Craig Wright’s Insights

Craig Wright, who claims to be Satoshi Nakamoto, also offers insights into the future of Bitcoin.

Wright believes that as Bitcoin matures and scales beyond its current thresholds, the roles of network participants will shift.

He foresees specialized server farms taking over transaction processing from individual users.

Currently, the global Bitcoin network consists of 44,932 nodes, with the United States hosting the highest percentage at 30.87%.

Hetzner, a cloud service provider, leads in node operation with 5.37% of all nodes.

Wright’s predictions provide a perspective on the potential direction of Bitcoin’s development and its journey towards mainstream adoption and technological advancement.

Michael McGlone’s Prediction

Michael McGlone, Chief Commodity Expert at Bloomberg, believes a significant reversal may soon occur for Bitcoin.

McGlone points to the negative US money supply and the continuous rise of T-bill rates as potential headwinds for Bitcoin.

He suggests that the bounce in risk assets, including Bitcoin, this year has caught the attention of the Federal Reserve, leading to vigilance.

Without liquidity fuel, Bitcoin may revert to enduring means, according to McGlone.

The Federal Reserve has engaged in quantitative tightening by reducing its balance after printing trillions of USD during the pandemic.

In February, the M2 money supply fell 2.2% compared to the previous year, the sharpest decline since the 1930s.

Despite recent rate hikes, experts believe the Fed may soon start cutting interest rates.

McGlone draws parallels between Bitcoin and the stock market in the 1930s, highlighting similarities in parabolic price moves, excessive liquidity and speculation, and the emergence of revolutionary technologies.

The key difference is that in 1929, the Fed began cutting rates, whereas now, they have been raising rates and employing quantitative tightening.

The reversal of Bitcoin’s 100-week moving average raises questions about the duration of the risk assets’ journey until liquidity is restored.

Currently, Bitcoin is trading at $26,085 after a recent 8% plunge, with rumors of Elon Musk’s SpaceX selling a significant amount of Bitcoin and speculation about a price drop before the upcoming halving in May next year.

This comprehensive brief encompasses the various viewpoints and predictions regarding Bitcoin’s future, providing readers with a detailed understanding of the current state of affairs.

Article X-ray

A group of people exchanging a Bitcoin symbol while discussing and pointing towards the future.

This section links each of the article’s facts back to its original source.

If you have any suspicions that false information is present in the article, you can use this section to investigate where it came from.

u.today
– Peter Brandt, an old-school commodity trader, has shared a Twitter post about his bearish prediction for Bitcoin.
He believes that Bitcoin is currently testing the neckline of an inverted Head & Shoulders pattern on the chart.
– Brandt suggests that if Bitcoin closes below the $24,800 level, it could damage the daily and weekly graphs.
– He sarcastically acknowledges the criticism he receives from the crypto community for his predictions.
An inverted H&S pattern typically indicates a bearish trend turning bullish.
– Brandt previously stated that Bitcoin was challenging a multi-contract trend line and expected a bear signal or bear trap in August.
As a swing trader, he anticipates the upward trend line to be violated and would choose short or flat positions unless a bear trap occurs.
– Brandt prefers horizontal chart construction.
u.today
– Craig Wright, who claims to be Satoshi Nakamoto, has shared insights into the future of Bitcoin.
He believes that the roles of network participants in Bitcoin will shift, with specialized server farms taking over transaction processing from individual users.
This shift is expected to happen as Bitcoin matures and scales beyond its current thresholds.
– Currently, there are 44,932 nodes in the global Bitcoin network, with the United States hosting the most nodes at 30.87%.
– Hetzner, a cloud service provider, is the leading node operator with 5.37% of all nodes.
– Wright’s predictions offer a perspective on the potential direction of Bitcoin’s development and its journey towards mainstream adoption and technological advancement.
u.today
– Chief commodity expert of Bloomberg, Michael McGlone, believes a big reversal may soon take place for Bitcoin.
– McGlone refers to the negative US money supply and the continuous rise of T-bill rates as potential headwinds for Bitcoin.
He suggests that the bounce in risk assets, including Bitcoin, this year has buoyed Fed vigilance and without liquidity fuel, Bitcoin may revert to enduring means.
The Federal Reserve has engaged in quantitative tightening by shrinking its balance after printing trillions of USD during the pandemic.
The M2 supply fell 2.2% in February compared to 2022, and the money supply is falling at its quickest pace since the 1930s.
Despite recent rate hikes, experts believe the Fed may soon start cutting interest rates.
– McGlone compares Bitcoin to the stock market in the 1930s, noting similarities in parabolic price moves, excessive liquidity and speculation, and the emergence of revolutionary technologies.
The difference is that in 1929, the Fed began cutting rates, while now they have been raising rates and employing quantitative tightening.
– Bitcoin’s 100-week moving average has reversed downward, raising the question of how long risk assets have to go for liquidity to get turned back on.
– Bitcoin is currently trading at $26,085 after a plunge of over 8% last week, with rumors of Elon Musk’s SpaceX selling a large amount of Bitcoin and speculation about a price plummet before an upcoming halving in May next year.

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