As the market recovers, veteran trader and chartist Peter Brandt recently posted a message on X (formerly Twitter) that garnered a huge amount of attention from the crypto community.
Peter Brandt’s Bitcoin Prediction
In a post, Brandt predicted that Bitcoin (BTC), the world’s largest cryptocurrency, could drop to the $40,000 level before the next half of the halving cycle. Despite Brandt’s future prediction, BTC is currently experiencing impressive upward movement and is on the verge of a crucial breakout.
Bitcoin Price Analysis
At the time of going to press, BTC is trading around the $58,200 level and has experienced a 2% price jump in the past 24 hours. Meanwhile, the trading volume has dropped by 8% in the same period, indicating possible fear among investors.
Moreover, BTC’s open interest (OI) is gradually increasing as it approaches a crucial resistance level. In the last 4 hours, BTC’s OI has increased by 2%, according to on-chain analytics firm CoinGlass.
Bitcoin Price Prediction
According to expert technical analysis, BTC is at a crucial level, facing resistance from both a horizontal level and a sloping trendline near $58,400. At this point, there are two possibilities:
If BTC’s 4-hours candle closes above the $58,400 resistance level, there are high chances that it could rise further by 5% to $62,500 near its 200 Exponential Moving Average (EMA). Conversely, if BTC’s 4-hours candle closes below the $56,900 level, there are significant chances that it could drop by 7% to its next channel support level at $52,500.
Based on historical data and price momentum, BTC has experienced this resistance level three times in the past 10 days, each time resulting in a price drop. However, short sellers are expecting a similar move this time around.
Expert Comments on Bitcoin
In addition to the Bitcoin price prediction, a prominent analyst recently shared a message on X, stating that the crypto market has returned to an extreme fear zone, which may present an excellent opportunity to buy Bitcoin. He also added: “Remember, be greedy when others are fearful.”
