Breaking News: Expert Trader Peter Brandt Predicts Potential 17% Drop in Bitcoin Price, Bull Market Recovery Requires $74,000 BTC
In the latest market update, the crypto industry experienced another wave of fear, uncertainty, and doubt as $100 million in liquidations occurred within the last 24 hours, with 76% of them being long positions. To shed light on the situation, renowned trader Peter Brandt shared his insights on the current state of the market.
Brandt, a seasoned veteran with decades of experience in financial markets, identified an inverted expanding triangle pattern, also known as a "megaphone," on the major cryptocurrency's price chart. This pattern suggests a possible test of the lower boundary at approximately $46,000 per BTC, indicating a potential 17% drop from the current price of $55,500.
Moreover, Brandt emphasized the need for a significant push towards new all-time highs to initiate a reversal and kickstart a bullish rally. According to his analysis, Bitcoin must reach $74,000 per BTC to shift the momentum in favor of the bulls, representing a 32% upside potential from the current levels.
In conclusion, Brandt highlighted the dominance of selling pressure over buying interest in the market, indicating a challenging environment for buyers. The future dynamics of this pattern will reveal the strength of the selling pressure in the coming days.
For more details on Peter Brandt's insights and the latest updates on the crypto market, check out the original article on U.Today.
Analysis:
- Peter Brandt predicts a potential 17% drop in Bitcoin's price based on the inverted expanding triangle pattern.
- To trigger a bullish rally, Bitcoin needs to surpass $74,000 per BTC, offering a 32% upside potential.
- The current market sentiment favors selling pressure, posing challenges for buyers and indicating a bearish trend in the near term.