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Bitcoin investors are buzzing after Peter Brandt’s bullish outlook sparked confidence in the market. Rising institutional ETF inflows and a pro-crypto US regulatory environment add to the growing enthusiasm.
Bitcoin's Price Volatility Sparks Optimism in a Turbulent Market
A robust surge in the price of Bitcoin and other leading cryptocurrencies over the past several days has inspired optimism in the market. But this week, the entire cryptocurrency market crashed, and the flagship coin saw a precipitous fall in value.
Regardless, Bitcoin has bounced back from Saturday's weekly lows, suggesting investors are getting back into the market.
Despite this, prominent market expert and seasoned trader Peter Brandt continued to see Bitcoin in a positive light. Brandt recently predicted that the cryptocurrency will reach $108,358 in the next few days, which has led many to feel optimistic. Still, he cited the technical charts to warn of a possible drop to $76,614 as well, Coingape shares.
Peter Brandt's Bitcoin Predictions Capture Market Attention
"This is not a prediction," he added, highlighting the market's inherent dangers. There are "possibilities, not probabilities, not certainties" reflected in these assessments, he claimed. Plus, the market is paying heed because he recently set a price objective of $125,000 for Bitcoin.
Nevertheless, following Donald Trump's victory in November, market excitement is surging towards the cryptocurrency sector. Anticipation of a pro-crypto regulatory climate in the US has boosted market sentiment in the run-up to Trump's January 20 inauguration.
Interest in the US Bitcoin Strategic Reserve has been a driving force in recent market activity. However, US Spot Bitcoin ETF's recent strong inflow also indicates that institutional investors are becoming more interested in the cryptocurrency. Worries have been heightened, however, by the outflow that occurred this week into Bitcoin ETFs like BlackRock Spot.
Tightening Bitcoin Supply Boosts Bullish Momentum
Regardless, there seems to be positive progress ahead based on the on-chain indicators. Take CryptoQuant, a leading analytics firm, for example: "Bitcoin demand is surging." CryptoQuant reported a 26K BTC drop in inventories for "OTC desks," the biggest monthly loss this year.
Taking that into account, the tightening market supply is another sign of future bullish momentum.
Also, other market gurus continue to be bullish about Bitcoin's prospects.
Matrixport has lately highlighted important factors that have caused Bitcoin and other prominent altcoins, such as Solana, XRP, and DOGE, to climb in price. In addition, it bolstered investor confidence by setting a Bitcoin price objective of $160,000.
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