Renowned trader Peter Brandt has given a bullish prediction for Bitcoin, recommending that investors go long on the cryptocurrency as it stabilizes over the $30,000 psychological level, with positive market sentiment in the broader crypto market. Following the Shanghai (Shapella) upgrade, the second largest cryptocurrency, Ethereum (ETH), has surged over 10%, maintaining its upside momentum. In a tweet posted on April 14, Brandt shared his bullish sentiment towards Bitcoin, Nasdaq, Gold vs YPY, London Cocoa, and Gold, recommending going long on Bitcoin and predicting a price target of $40,000.
Brandt’s prediction is supported by the weekly timeframe for Bitcoin, which indicates strong possibilities of hitting $40,000, with strong support at $29,190 and $25, 288. CoinGape Media first reported Bitcoin price hitting $30,000 this week, with experts predicting strong possibilities of hitting $35,000. Within the last 24 hours, BTC price has surged over 2% to hit a high of $30,874, with the current trading price at $30,724. Additionally, 30,500 BTC options with a notional value of $0.93 billion are set to expire today, with a Put Call Ratio of 0.99. The max pain point for Bitcoin price is $29,000.
In addition, 260,500 ETH options with a notional value of $5.5 billion are about to expire, having a Put Call Ratio of 0.83 and a max pain point of $1,850. ETH price has skyrocketed over 10% in the last 24 hours, with the price currently trading at $2,116, hitting a 24-hour high of $2,126, and a low of $1,910. Relative spot demand for ETH is increasing, and futures markets are indicating a potential shift toward ETH. Today’s expiry confirms that ETH has more demand than BTC, with more ETH options set to expire. According to TokenUnlocks, almost 240,000 staked ETH have been withdrawn and nearly 100,000 ETHs have been deposited after the Shanghai upgrade. Currently, 1.01 million ETH is waiting to be withdrawn.
As Bitcoin has rallied nearly 85% this year, Ethereum is likely to outperform in the near future, with the current market trend supporting this prediction. Kraken, due to its settlement with the US SEC, accounts for 63% staked ETH removal, Coinbase accounts for 11%, and Huobi accounted for 5.1%.
The bullish prediction by Peter Brandt and the upward momentum of Ethereum show that the crypto market is still volatile but promising, with potential for significant gains.