Top Crypto Analyst predicts A Big Move For Bitcoin (BTC)
Peter Brandt, a veteran analyst and technical trader, says that after months of quiet consolidation, Bitcoin (BTC) is likely getting ready for a big move.
In a new YouTube strategy session with trader Tone Vays, Brandt says that Bitcoin’s technical point to a “washout” that would send prices down by nearly 30% from where they are now.
Brandt, who predicted that Bitcoin would fall after its bull run in 2017, says that BTC’s big double top formation last year is a strong sign that the price will go down again before turning around.
“If you take the double top that we had in Bitcoin, you take the fact that we penetrated parabola in 2021, you take the descending triangle – all of these things have targets down some $13,000. The double top has a target down there. The descending triangle has a target down there, plus whenever you break a parabola in Bitcoin you have an 80% correction-plus. We’ve had like 75%, 76%. Not that we have to have 80%, but we have had 80%.”
Source: Tone Vays/YouTube
Brandt also says that traditional ways of looking at charts show that Bitcoin is likely to follow the trend of falling prices that led up to the current period of stability.
“The trend is down in Bitcoin and as a classical chartist I always believe that any period of consolidation or congestion you have will resolve itself in the direction that preceded that congestion. So my bet has got to be that we are most likely going to have one kind of more washout, although it’s not needed. We don’t need to have it, but I certainly wouldn’t want to be betting the farm on Bitcoin at $18,000.”
Brandt says that his price prediction would start to fall apart if Bitcoin rose above $20,000 and found solid support above $22,000.
“I certainly think that unless Bitcoin can really get up and consolidate above $20,000 again that we could see another leg down… I don’t think that we’ll go to $11,000 or $12,000. I think $13,000 is probably a more real realistic level…
As far as I’m concerned, until Bitcoin can really regain $22,000 and hold it, I don’t see any reason why Bitcoin can’t slip back down to that $13,000.”
At the time of writing, the price of Bitcoin is $18,112.
