The post Legendary Trader Peter Brandt Says Bitcoin Could Crash To $44,000, Here’s Why appeared on BitcoinEthereumNews.com.

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 Source: X 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…

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Filed under: News - @ July 9, 2024 6:20 am