Legendary trader Peter Brandt advises investors to go long on Bitcoin as BTC price stabilizes above the $30,000 psychological level amid positive sentiment in the broader crypto market. The second largest cryptocurrency Ethereum (ETH) is up more than 10% and continues its upward momentum after the Shanghai (Shapella) upgrade.
Peter Brandt in one tweet on April 14 revealed that he is bullish on Bitcoin, Nasdaq, Gold vs YPY, London Cocoa and Gold. He recommends going long Bitcoin and predicts a price target for BTC of $40,000.
In the weekly time frame, Bitcoin’s price pattern indicates strong possibilities to hit $40,000, with strong support at $29,190 and $25,288.
CoinGape Media first reported that Bitcoin price reached $30,000 this week, with experts predicting strong opportunities to reach $35,000. In the past 24 hours, BTC price is up more than 2% to a high of $30,874. The price is currently trading at $30,724.
30,500 BTC options with a face value of $0.93 billion expire today, with a Put Call Ratio of 0.99.
The maximum pain point for Bitcoin’s price is $29,000. In addition, 260,500 ETH options with a face value of $5.5 billion are expiring, with a Put Call Ratio of 0.83 and a maximum pain point of $1,850.
Ethereum price is likely to outperform Bitcoin price
The ETH price shot up more than 10% in the past 24 hours, with the price currently trading at $2,116. The 24-hour low and high are at $1,910 and $2,126 respectively.
While Bitcoin has gained almost 85% this year, Ethereum is likely to do better in the near future. Relative spot demand for ETH is increasing and futures markets are pointing to a possible shift to ETH. Today’s expiration clearly confirms that there is more demand for ETH than BTC as more ETH options will expire today.
According to TokenUnlocks, nearly 240,000 staked ETHs were withdrawn and nearly 100,000 ETHs deposited after the Shanghai upgrade. Currently, 1.01 million ETH is waiting to be withdrawn. Kraken as a result of the US SEC settlement accounts for 63% of ETH removals deployed, Coinbase accounts for 11%, and Huobi accounted for 5.1%.
Also Read: CFTC Chairman Rostin Behnam reprimands Binance for deliberately violating US laws
Varinder is a technical writer and editor, technology enthusiast and analytical thinker. Fascinated by disruptive technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for quite some time and is currently covering all the latest updates and developments in the crypto industry.
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This post Peter Brandt Predicts Bitcoin Price at $40,000, ETH Jumps 10%
was published first on https://coingape.com/legendry-trader-peter-brandt-shares-new-bitcoin-target-eth-price-soars-10/