Legendary Trader Peter Brandt Says Bitcoin Could Crash To $44,000, Here’s Why
09 July 2024 - 1:00PM
NEWSBTC
Veteran trader Peter Brandt has raised the possibility of Bitcoin
dropping to as low as $44,000. He predicted this could happen based
on a technical indicator that paints a bearish outlook for the
flagship crypto. Why Bitcoin Could Drop To $44,000 Brandt
predicted in an X (formerly Twitter) post that Bitcoin could drop
to as low as $44,000 if the flagship crypto has completed a double
top. A double top is a bearish pattern that indicates that BTC
could witness a severe reversal to the downside, having hit two
consecutive peaks and a moderate decline between them. Related
Reading: Dogecoin Vs. Shiba Inu Vs. PEPE: Comparing The
Profitability Of The Top Meme Coins Based on Brandt’s chart, the
flagship crypto may have completed a double top. However, another
analyst, JK, responded to Brandt’s post, noting that the depth of
the top in Bitcoin is around 10% of its price. Based on this, JK
suggested that it is unlikely that Bitcoin formed a double top
since Richard Schabacker (one of the greatest analysts) said that
20% and not less is required for a true double top to form.
Brandt seemed to agree with JK’s reasoning, suggesting that it was
also possible that a double top hasn’t been completed and that
Bitcoin could witness a bullish reversal from its current price
range. Some other analysts also shared their thoughts in response
to Brandt’s post. One of them, Colin, mentioned that he doesn’t
think that was a double top for Bitcoin. Colin added
that there was too much strength on these two bounces off the lower
ranges and back into the channel to assume a double top. Instead,
he believes that Bitcoin’s recent price action is currently an
accumulation and not a distribution range. Based on
Schabacker’s analysis, another analyst, Chartvist, also explained
why it is unlikely that BTC has formed a double top. The analyst
mentioned that the volume profile is not in line with the technical
of a double top as there is usually a high volume for the first
peak and a low volume for the second peak. How BTC Could Drop
To $44,000 Crypto analyst CrediBULL Crypto recently provided
insights into how Bitcoin could drop to the $40,000 range. He
stated that Bitcoin dropping to the demand area at $53,000 could
kickstart such a downtrend. However, BTC will need to fail to hold
above $53,000 for the possibility of Bitcoin dropping to $44,000 to
become feasible. Related Reading: Finance CEO Raoul Pal Says
Crypto Will Reach $100 Trillion Market Cap – Here’s When CrediBUILL
Crypto is optimistic that BTC won’t drop to such levels. He noted
that this was “the least likely to actually play out” among all the
scenarios he had outlined for Bitcoin. Instead, he believes Bitcoin
will likely reverse from its current price range. He predicts that
the flagship crypto will rise to as high as $100,000 in the long
term. Featured image created with Dall.E, chart from
Tradingview.com
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