Veteran Futures Trader Peter Brandt Predicts Bitcoin is going down.
Veteran futures trader with nearly 50 years of trading experience, peter Brandt, has predicted that BTC price will likely drop further till it reaches $28K. While sharing his views on Twitter, Brandt explained his prediction using a 24-hour BTC/UST, where he explained that “the completion of a bear channel usually leads to a decline equal to the width of the channel or, in this case, a hard test of $32K or so — my guess is $28K.” Then, he added, “this does not make a hater BTC.”
The completion of a bear channel typically results in a decline equal to the width of the channel, or in this case a hard test of 32,000 or so — my guess is 28,000
This does NOT make me a hater $BTC pic.twitter.com/tTtuALZvSt— Peter Brandt (@PeterLBrandt) April 30, 2022
It is noteworthy that BTC has been trending along the channel since mid-February 2022. Hence, its completion of this channel will lead to a decline in BTC price, as Brandt predicts. Analyzing the chart shared by Brandt above shows that BTC will continue on its decline since there aren’t any crucial support levels that can stop a free fall. Sadly, BTC, tech stocks, and the US stock market continue to trend similarly. However, other analysts disagree with Brandt’s view. They suggest that BTC will likely reverse once it reaches the $35K range.
Even though BTC recently broke out of the ascending channel and made a bullish run to the $47K mark, it never broke out of the bear channel (mentioned above). While BTC gained about 1.35% in the last few hours, according to the DailyFx chart, the gains don’t represent a strong reason for a trend reversal or one that can result in a major price increase. Coinmarketcap live data shows that the BTC price is $38,962, still below the strong physiological resistance of $40K.
A different perspective
Despite the decline, the probability of a reversal to green is high – another BTC analyst.
However, another Twitter crypto analyst (with username @inkyall) has a different view. According to him, it is the first time that BTC will get five consecutive red volume bars on the weekly chart. Five straight red or green weekly volume bars are so rare that it rarely happens. Hence, the probability that it turns green and pumps the price is very high.
#bullish #btc?1st time ever that BTC gets 5 consecutive red volume bars on the weekly chart. 5+ red / green weekly volume bars are so rare, it almost never happens. The probability that it turns green and pumps the price is very high. ??#Buy / #long #bitcoin #crypto (NFA/DYOR) pic.twitter.com/5fymXYyyuU
— ??????? ( ⚔️ , ⚔️ ) (@inkyall) May 1, 2022
Time will tell whether Brandt’s prediction will come to reality.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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