After Bitcoin’s recovery to over $ 47,000, the crypto community is euphoric. This is exactly what trading legend Peter Brandt warns about. Is Bitcoin not out of the rough yet?

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Too much euphoria in the markets

Bitcoin has been showing some strength for 24 hours: yesterday at noon, the # 1 cryptocurrency began its rise, moving from around $ 44,100 to up to $ 47,000 in the late evening hours. This morning, another small decline has taken place, since then BTC trades between $ 47,200 and $ 46,750. The push of the Bitcoin bulls beyond $47k has left many industry participants in short-term euphoria and raised hopes that Bitcoin would now start the next phase of its bull run.

Bitcoin’s 5-day chart shows the jerky rise above $ 47,000. Source: Tradingview.com

However, one of the most renowned traders in the industry, Peter Brandt, is not so relaxed. He warns in a recent tweet about a so-called rising wedge pattern on the Bitcoin charts – and that could be dangerous to the uptrend. Background: A rising wedge is a bearish reversal formation. While the pattern is emerging, there are still higher highs and lower lows, making the Bitcoin uptrend seem intact. In reality, however, there is a chance that it is already lost and BTC will fall as a result.

This is what Brandt refers to and asks his followers:

“Rising wedge – will it meet expectations or not take off?“

When asked by a user for his assessment regarding the situation in the crypto markets, answer Brandt: His attitude is unimportant – but too many investors are currently euphoric. This often signals an imminent decline. Brands:

“It doesn’t matter if I’m bullish or bearish. I’m essentially long, but I’m concerned that bullish sentiment is way too high.”

Tradet Sees Ethereum Rise Up to $ 17,500

In fact, the forecasts and expectations for the second half of the year are currently quite optimistic. Popular full-time trader Michaël van de Poppe (@CryptoMichNL on Twitter) also sees numerous coins exploding to new highs. He writes to his more than 371,000 followers how high cryptocurrencies such as Bitcoin, Ethereum or Polkadot will rise in this bull run in his estimation:

“Bitcoin to $350,000-450,000
Ethereum to $10,000-17,500
Polkadot up to $250-350
Chainlink to $250-350
Cardano up to $ 10-20
Zilliqa up to $ 5-7
Elrond up to $500-1, 000
SLIDE to 50-75 $“

Incredibly hopeful forecasts-but Poppe is not alone in his optimism. Also, PlanB, one of the most prominent analysts in the industry, certifies Bitcoin in a recent tweet the potential to launch another stage of the bull run. According to the stock-to-flow model, according to the Dutchman, Bitcoin is still on its way to six-figure prices:

“Both Bitcoin S2F [stock to flow] (white line) as well as the on-chain signal (color, not yet red) still indicate a second stage of this bull market.”

His prediction: Bitcoin rises first to $ 100,000, then to $ 288,000.

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Last updated on August 20, 2021

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