Veteran Futures Trader Peter Brandt Predicts Bitcoin (BTC) Will Dip Below $29,000.
Following the inability of Bitcoin (BTC) to hold the $37,000 support and the subsequent dip of the world’s largest cryptocurrency by more than 10%, several cryptocurrency analysts have predicted that the asset class will shred more of its value in the coming days.
One analyst who made such predictions for Bitcoin is Peter Brandt, a veteran Futures and FX trader, who has been trading since 1975.
According to Brandt’s analysis, Bitcoin could hit $28,800. Brandt noted that despite the positive news that flooded the industry this week, the crypto market still acted irrationally and prices of Bitcoin alongside other digital currencies suffered a major dip.
There is a bigger problem in the market for the veteran trader that supersedes all forms of positive fundamentals.
“The news and events reflecting the fundamentals of a market do not matter. Of importance is how a market is responding to the flow of news & events. If the news is bullish for a market, but the market is not responding accordingly, then we know that the market has big problems,” Brandt said in a Twitter post.
Based on Brandt’s analysis, he speculated, using a chart that the world’s largest cryptocurrency by market capitalization could fall as low as $28,805 in the coming days.
Here is a good example of same pic.twitter.com/sq3ILxjKu7
— Peter Brandt (@PeterLBrandt) February 24, 2022
A few days ago, the Luna Foundation Guard (LFG) announced the closing of a private token sale that saw it raise $1 billion. In an interesting development, the firm disclosed that it will use the $1 billion raised to establish a decentralized $UST Forex reserve that will be dominated in Bitcoin (BTC).
While many believed the news could cause a spike in the value of Bitcoin, things did not go according to plan, as traders seem to be more focused on other issues, including the rising tension between Russia and Ukraine, upcoming hikes in interest rates by the Feds, and the cryptocurrency executive bill.
At the moment, Bitcoin is trading below $35,000, according to data on Coingecko, with many traders expressing fear that things could go from bad to worse in a millisecond amid all these concerns.