Veteran trader Peter Brandt Bitcoin could drop in value to as low as $44,000. A technical indicator painted a picture of what he predicted. bearish outlook For the flagship cryptocurrency.
Bitcoin Drops to $44,000
Brandt predicts in an X post Bitcoin’s price could fall to $44,000, if it has reached its a double top. Double tops are a pattern of bearishness that suggests that BTC may experience a sharp reversal on the downside after hitting two successive peaks. moderate decline They are both.
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According to Brandt’s chart the crypto could have reached a second top. JK, however, is another analyst. responded Brandt noted that Bitcoin’s top is about 10% deep. JK suggested based on the above that Bitcoin is unlikely to have formed a two-top since Richard Schabacker, one of the most respected analysts in Bitcoin’s history said that Bitcoin must reach a minimum 20% price level before it can form a top. true double top To form.
Brandt seemed JK was in agreement with his reasoning. He suggested it is also possible that Bitcoin has not yet completed a double-top and could experience a bullish turnaround from its current trading range. Other analysts responded to Brandt’s post. Colin is one of those analysts. mentioned He doesn’t believe that that was a Bitcoin double-top.
Colin stated that the two bounces of the ball off the lower levels and into the channel were far too powerful to make a conclusion. double top. He believes the recent Bitcoin price movement is a result of a’recession. currently an accumulation This is not a range of distribution.
Chartvist also analyzed Schabacker’s data. explained It is therefore unlikely that BTC will form a double-top. The analyst said that the volume was not consistent with a double-top technical as the average volume of a peak is high for the initial peak, and low for the subsequent peak.
BTC could drop to $44,000
CrediBULL is a crypto analyst that has a lot of experience. recently provided Bitcoin: What could happen? $40,000 range. Bitcoin is dropping in value. demand area at $53,000 This could be the catalyst for a downward trend. BTC would have to fall below $53,000 in order for Bitcoin to drop to $44,000.
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CrediBUILL Crypto He believes that BTC’s price will not fall to this level. He said that this was “the least likely to actually play out” Bitcoin was one of the many scenarios that he discussed. He believes that Bitcoin’s price will reverse and likely fall from the current range. He expects the crypto’s price to increase. as high as $100,000 Long-term:
Featured Image created using Dall.E and chart from Tradingview.com
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Source: www.newsbtc.com