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The legendary analyst Peter Brandt Provided a bearish forecast for the price of Bitcoin. He predicted the price would fall to as low as $78,000 and explained why he had such bearish sentiment.
Peter Brandt expects Bitcoin price to collapse to $78,000
in Share XPeter Brandt predicted that the price of Bitcoin could collapse to $78,000. This prediction came as A Head and shoulders Top style. The legendary analyst noted that the full formation of this pattern could cause the price to collapse to this target. Brandt added that this pattern may fail with “batch hiring,” or it may turn into something else.
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Peter Brandt stated that as it stands now, it is a head and shoulders pattern for the Bitcoin price to be treated as such. The legendary analyst is not the only one who has sparked this bearish pattern for Bitcoin. Cryptographic analyzer Axel Kibar also highlighted A potential head and shoulders pattern formed on the BTC chart.
The analyst noted that this bearish pattern puts Bitcoin’s price at risk of falling to $80,000. He also raised the possibility that this pullback could push the flagship cryptocurrency higher Expansion pattern Which was completed with a break above $73,600. However, the analyst noted that this bearish pattern could still be invalidated as it still needs to break below the neckline before such a breakdown becomes a real possibility.
Cryptographic analyzer Ali Martinez It also recently introduced a bearish setup for Bitcoin price. He stated that a drop below $93,600 could send the major cryptocurrency to $80,000 or even $70,000. On the other hand, he noted that Bitcoin needs to cross the $94,800 level to confirm a price recovery.
How could this happen for BTC?
Posted by X, Cryptocurrency Analyst micpool encryption Provided insights into how it affects the price of Bitcoin. He stated that Bitcoin may face a dump before heading into the first quarter of 2025 before an eventual rise to the top of the cycle. He added that 2025 will be more volatile than most market participants expect.
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The accompanying analyst chart showed that Bitcoin’s price could rise to a cycle high of around $130,000. Jelly crypto analyzer It also recently predicted that Bitcoin would reach $140,000 in the next three months. Despite Bitcoin’s current tepid price action, the analyst is confident that the cryptocurrency will continue to rise much higher.
He stated that everything indicates that the price of Bitcoin will rise a few months from now. The cryptocurrency analyst added that it does not matter whether Bitcoin drops to $87,000 in the meantime or not, because it will continue to rise later.
At the time of writing, Bitcoin is trading at around $93,600, down more than 1% over the past 24 hours, according to Data From Coin Market Cap.
Featured image created with Dall.E, chart from Tradingview.com