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As significant price fluctuations continue in cryptocurrencies, experts’ comments are drawing attention. Bitcoin price dropped to $48,800 and rose again to $60,000 in a week, with experts warning that the increase might be deceptive. In this context, an investor made important statements regarding BTC’s future and the SOL/ETH trading pair.
What Will Be Bitcoin’s Price?
Peter Brandt, known as an experienced investor in the economic world, warned that there is a 50% chance Bitcoin (BTC) could fall below $40,000 within the current cycle, which worried crypto investors. Brandt stated on X that Bitcoin could drop more than 35% from its current price level before the end of next year.
I believe there is a 50% chance BTC will fall below $40,000 before the halving process is halfway completed.
Brandt also noted that this year’s price movement in Bitcoin could resemble the black swan event during the early days of the Covid-19 pandemic in 2020, moving within an inverted right-angled broadening triangle formation. This formation, also known as a falling broadening wedge, could trigger a process that may result in a reversal of the upward trend if the lower trend line continues to act as support.
The inverted right-angled broadening triangle was introduced by Richard W. Schabacker in his 1934 book ‘Technical Analysis and Stock Market Profits.’ The Bitcoin chart also shows this pattern. Although the upper boundary is not horizontal, I still think they match well.
Looking at Bitcoin’s price, it has risen by 2.03% in the last 24 hours, finding buyers at around $59,800. Bitcoin’s market cap has seen significant drops since last week and is currently at $1.177 trillion. The trading volume remains the same as yesterday, at around $41.5 billion.
Solana Coin Comments
Brandt also shared a chart indicating that the smart contract platform Solana (SOL), known as the Ethereum killer, could outperform its rival Ethereum (SOL/ETH) in the coming months, highlighting the fundamental differences between the two networks and suggesting this trend could continue.
In the war between SOL and ETH, a clear winner was inevitable.
- ETH: cumbersome, expensive, flawed, claims to be decentralized but isn’t.
- SOL: user-friendly, great foundation.
SOL should gain 100% over ETH in the coming months.
Looking at Solana’s price, it is seen at $152. This price emerged after a 4.73% drop in the last 24 hours, supporting a 5.48% pullback over the past 7 days.
