Although Bitcoin has lost more than 55% of its value since the beginning of the year, some believe the fall is not over yet. This is especially true for Peter Brandt who thinks the mother of cryptocurrencies could continue to slip at the $ 13,000 level.
Who is Peter Brandt?
Peter Brandt is a trader and market analyst. Presenting the markets for almost 50 years, it is best known for the crypto market crash forecast at the beginning of 2018. Later, Peter Brandt made headlines by predicting a drop in the price of Ethereum. And he was right. As the asset moved close to $ 1,750, Peter Brandt emphasized the graphic presence of a descending triangle.
It is this chart figure that prompted the analyst to speculate that the price of Ethereum could then drop about $ 1300. Just a few days after this analysis, the ETH signal dropped in these proportions. The asset is trading today at an even lower price level and close to the $ 1,100 threshold.
Bitcoin: On the way to $ 13,000?
According to Brandt, it would take a strong reversal in Bitcoin to lower the no – fall signal. Brandt believes to avoid the $ 13,000 case, Bitcoin must be refunded at the $ 32,000 threshold. And it’s clear that this $ 32,000 threshold has not been randomly selected since last May’s BTC monthly closure. As Peter Brandt explains:
If bitcoin $ BTC fails to close above May 31st, this chart could be a classic example of the famous “Drano” chart pattern.
If it fails to raise $ 32,000, and according to Brandt’s analysis, BTC could go even lower. If BTC touched this $ 13,000 level, it would return to the level it was at in November 2020. At that time, the asset was showing its first signs of a strong bull cycle. A cycle that ended at the ATH, last November, when Bitcoin was exchanged against over $ 69,000. Returning to the $ 13,000 threshold will cost Bitcoin more than 80% of its value from an all-time high.
The $ 20,000 support level will be decisive!
Between the level of psychological and technical support, the $ 20,000 threshold seems more important than ever for Bitcoin. Many see in this portal, start to come back. For others, not necessarily optimistic in the short term, the idea of the importance of 20,000 is still present.
A feature that is particularly justified by Arthur Hayes, former CEO of BitMex. According to him, if BTC loses this level of support, technical analysis of the asset may fail. Ironically, he estimates that a fall of under 20,000 could be catastrophic for investors.
In the event of a fall below the $ 20,000 support level, only crypto investors have to pray to Mr. Satoshi and expect some kindness.
Among the most pessimistic, the case appears to be $ 13,000 probable case. Others believe that Bitcoin could fall below $ 10,000. For some people, even the mother of cryptocurrencies may come to test $ 3,000.
2024: The bull market back?
In his analysis, Peter Brandt also sounds at the end of the crypto winter. He thinks he could live for another few months. Analysis leads him to estimate that a return to the ATH for Bitcoin could only happen from 2024. Remember that a new half around BTC in 2024 will affect the crypto market.
Good to know: The expansion makes it possible to cut Bitcoin rewards by half for each mining block. Historically, the half has always been a very favorable feature for the price of Bitcoin and the crypto market.
After this encrypted winter, Brandt talks about a “huge upward trend”. Opinion shared by Du Jun, founder of crypto exchange Huobi who believes the half could be the main catalyst for the rise of Bitcoin.
Crypto-assets are a risky investment.
