Bitcoin price is currently at a torn junction between bull and bear. Peter Brandt predicts a breakout of up to $140K, but Arthur Hayes sees $90K.
$BTC price is showing great strength, gaining 2.43% to the $109,500 level as veteran trader Peter Brandt highlights a strong breakout moment on the charts, with a potential rally to $140K.
However, Arthur Hayes presented a bearish scenario ahead of the Jackson Hole event in August, predicting a potential crash for BTC to $90K. The upcoming key CPI data and the July FOMC meeting will also add to the volatility.
Peter Brand predicts Bitcoin price to reach $140K.
In a cryptic message on X Platform, veteran trader Peter Brandt shared the current chart setup for $BTC /USD.
Sharing an upside chart, Brandt quipped: "Is this bear flag (yellow box) so obvious to everyone that it doesn't work? Or is this chart about to fall off a cliff? Just asking."
Peter Brandt's chart below puts bitcoin's next price stop at $104 after the breakout, which is in line with Standard Chartered's current predictions.
Brandt's prediction is consistent with bitcoin following the momentum of the global M2 money supply, which recently touched an all-time high of $55.48 trillion.
Since 2024, Bitcoin has been closely following the M2 pace, and the current breakout could be a pivotal moment for BTC.
As of press time, the price of Bitcoin is trading at the $109,500 level and its daily trading volume is increasing by 20% to $56 billion.
On the other hand, Coinglass data shows a 7.28% increase in $BTC futures interest, which reflects bullish sentiment among traders.
Additionally, the US CPI data for June could play a key role in deciding the market’s next trajectory. The market is also predicting a Fed rate cut this month, in July.
Arthur Hayes Takes Contra Bet Up To $90K With BTC Crash
Arthur Hayes, CIO of crypto investment fund Maelstrom, has warned that the crypto market could move sideways or slightly lower at the Jackson Hole Symposium in August. In his latest market outlook,
Hayes pointed to possible USD liquidity pressure from the replenishment of the Treasury General Account (TGA), which he says could push Bitcoin down to the $90,000–$95,000 range.
“I believe that between now and the August Jackson Hole Fed speech to be given by beta cuck towel bitch boy Jerome Powell, the market will trade sideways to slightly lower,” wrote Hayes.
As a precaution, Maelstrom has liquidated all of its illegal altcoin holdings. The fund also indicated that it may further reduce exposure to bitcoin if market conditions deteriorate in the coming weeks.
Important US events that may affect the price of Bitcoin.
As CPI data and Fed decisions roll out, investors face a critical moment as liquidity dynamics and sentiment will shape Bitcoin's next big move.
With the Consumer Price Index due later today and the Fed set to decide on its rate cut, Bitcoin is poised for a big move — in all likelihood to the upside.
If inflation were to deliver a satisfactory upside shock, real yields would remain low and liquidity would flow into non-yielding assets like BTC, triggering a rally above major resistance areas.
Even a mild rate call from the Fed could lead to a short-term downside as short positions are liquidated but this will be less so if the central bank signals a recovery in future cuts or balance sheet runoff.
In this case, moderate to substantial quantitative tightening would release cash that would be set to propel Bitcoin to its recent highs.
The overall direction of least resistance is bullish with a higher CPI report or dovish Fed Talk swinging the pendulum towards an upside breakout.