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Peter Davis

An writer at FOMOdrive

  • Oct 26, 2023
  • 2 min read

Bitcoin: Peter Brandt called for preparations for a “bloody festival”

After seven days of increasing in value, Bitcoin is now experiencing a correction.

Matrixport has declared the commencement of the fifth Bitcoin bull market.

It is predicted that Bitcoin could reach a value of $125,000 by the end of 2024.

Lawsuits may be brought against the SEC if the Bitcoin ETF is not approved.

The head of the SEC has once more denounced the crypto industry as being rife with scams and scammers.

In November 2022, Peter Brandt, a well-known cryptocurrency analyst and trader, declared that the bottom of the crypto market had been reached. He predicted that by the end of the following year, Bitcoin would reach new all-time highs. He also warned of a "bloody festival" due to the increasing volatility of the leading cryptocurrency.

Matrixport predicts that the fifth Bitcoin bull market, which began in June of this year, could see quotes reach $125,000 by December 2024. This potential growth is likely to be driven by expectations of institutional adoption of the world's first cryptocurrency.

JPMorgan has suggested that if the US Securities and Exchange Commission (SEC) does not give the green light to applications for spot Bitcoin ETFs, this could lead to a number of legal disputes. Although the bank believes this is an unlikely outcome, it is still a "possible" one.

Gary Gensler, the SEC Commissioner, affirmed that existing regulations are adequate to take enforcement action against crypto firms that do not abide by the rules. He reiterated that the crypto sector is rife with fraud, bankruptcies, scams, and money laundering.

Since the start of the year, the Grayscale Investments' GBTC Bitcoin fund has seen a 220% increase in value, surpassing the 198% growth of Nvidia, the top performer in the S&P 500 index. In comparison, the S&P 500 index has only grown by 9% during the same period.

Bitmain, a producer of cryptocurrency mining machines, has unveiled the Antminer T21 miner with a hashing rate of 190 TH/s and an energy efficiency of 19 J/T.

Unciphered has requested the help of ex-Ripple CTO Stefan Thomas to regain access to his hard drive, which holds 7,002 BTC. If the wrong password is entered ten times, the data on the disk will be wiped. So far, eight attempts have been made.

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