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Home Crypto News Market Veteran Futures Trader Peter Brandt Predicts Bitcoin May Fall Below $28k If...

Veteran Futures Trader Peter Brandt Predicts Bitcoin May Fall Below $28k If Price Doesn’t Hold Above $30K 

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Brandt has changed his previous predictions for Bitcoin, as he shares a mixed view of the world’s largest cryptocurrency by market capitalization. 


Peter Brandt, a veteran futures trader with nearly 50 years of trading experience, has reconsidered his May 1, 2022 analysis of Bitcoin. He predicted a free fall for the world’s largest cryptocurrency by market capitalization.

The veteran futures had predicted a week ago that the top asset class would dip further till it reached $28,000 following the completion of a “bear channel,” which usually equates to the width of the channel.

Brandt’s New Prediction

However, Brandt, who seemed to have reanalyzed his previous analysis, suggested that following the wide acceptance of the $28,000 BTC price as the downside target, he believes that investors could perform one of two essential movements in the coming days.

Brandt’s first movement could see BTC either hold above the $30,000 price level, while the second movement may see Bitcoin crash below $28,000.

“Now that $28,000 is so widely accepted as a downside target, I am forced to change my view. Either the price holds above $30,000 or tanks through $28,000,” the veteran futures trader shared his views on Twitter.

Earlier on May 2nd, Veteran Futures Trader Peter Brandt Said He Is Not A Bitcoin Hater, But BTC Will Go Down. He predicted that the BTC price would drop further until it reached $28K.

BTC’s Recent Performance and Traders’ Reaction

Meanwhile, Bitcoin has been on a significant downtrend since last week, after the Federal Reserve introduced an interest rate hike in a bid to mitigate inflation in the U.S. economy.

BTC, which soared to nearly $40,000 hours after the Fed announced a spike in interest rates, crashed almost 10% moment after to a low of $33,700 earlier today.

The crash in BTC prices mounted more pressure on investors as they were forced to convert their Bitcoin holdings to stable coins.

According to famous cryptocurrency analyst Ali Martinez, the recent selling pressure of Bitcoin came from 47 whale addresses, which have at least 1,000 BTC or more.

These addresses have continuously sold or redistributed their BTC holdings since May 2, 2022.

A Different Perspective from Brandt’s

Bitcoin is currently trading around $33,725 in the hours leading up to press time. At this price level, Michaël van de Poppe, the CEO, and founder of Eight Global, noted an interesting bullish divergence on BTC, where there seems to be a heavy buy order of around $34,000.

Poppe predicted that BTC could have some upward movements around the $34,000 level by sharing a different view from Brandt.

Peter Schiff Slams Bitcoin

Meanwhile, Peter Schiff, the popular Bitcoin critic and gold proponent, did not fail to aim another swipe at BTC following the asset’s over 6% drop in price.

Schiff took to Twitter to say that BTC’s recent dip suggests a “leading indicator of weakness” in the world’s largest cryptocurrency. Other financial instruments, like gold, have only dipped 1% since the Fed introduced a hike in interest rates.

“Once investors figure out that Fed rate hikes will result in recession but not a significant reduction in #inflation, gold will soar,” Schiff added.

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Disclaimer

The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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