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.
Now that 28,000 is so widely accepted as downside target I am forced to change my view. Either price holds above 30,000 or tanks through 28,000
— Peter Brandt (@PeterLBrandt) May 8, 2022
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.
#Bitcoin | Some of the selling pressure seen recently has come from #BTC whales!@glassnode shows that roughly 47 addresses with 1,000 $BTC or more have sold or redistributed their holdings since May 2. pic.twitter.com/nYtFIgr0ht
— Ali Martinez (@ali_charts) May 8, 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.
Interesting bullish divergence on #Bitcoin.
And the strange heavy orders previously.
Seems to be that we're going to have some upwards momentum here. pic.twitter.com/ApLCSkfpqQ
— Michaël van de Poppe (@CryptoMichNL) May 8, 2022
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.
The 6% weekend drop in #Bitcoin was in fact a leading indicator of weakness in other risk assets as #StockMarket futures are trading down 1%. Once investors figure out that #Fed rate hikes will result in #recession but not a significant reduction in #inflation, #gold will soar.
— Peter Schiff (@PeterSchiff) May 9, 2022