Veteran Trader Peter Brandt Raises the Possibility of Bitcoin Dropping to as Low as $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.

Veteran trader Peter Brandt has raised the possibility of Bitcoin dropping to as low as $44,000. He predicted this could happen 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.

Brandt shared his thoughts in an X (formerly Twitter) post on Monday. He predicted that BTC could drop to as low as $44,000 if the flagship crypto has 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.

This is because one of the greatest analysts, Richard Schabacker, 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.

Several other analysts shared their thoughts in response to Brandt’s post. One of them, Colin, stated that he doesn’t think that was a double top for Bitcoin.

According to Colin, there was too much strength on these two bounces off the lower ranges and back into the channel to assume a double top. He believes that Bitcoin’s recent price action is currently in an accumulation and not a distribution range.

Another analyst, Chartvist, also explained why it is unlikely that BTC has formed a double top, based on Schabacker’s analysis.

The analyst stated that the volume profile is not in line with the technical of a double top as there is usually a high volume for the first peak and a low volume for the second peak.

Meanwhile, another crypto analyst, CrediBULL Crypto, recently provided insights into how Bitcoin could drop to the $40,000 range.

He stated that Bitcoin dropping to the demand area at $53,000 could kickstart such a downtrend. However, BTC will need to fail to hold above $53,000 for the possibility of Bitcoin dropping to $44,000 to become feasible.

CrediBUILL Crypto is optimistic that BTC won’t drop to such levels. He noted that this was “the least likely to actually play out” among all the scenarios he had outlined for Bitcoin.

Instead, he believes that BTC will likely reverse from its current price range. He predicts that the flagship crypto will rise to as high as $100,000 in the long term.

The above is the detailed content of Veteran Trader Peter Brandt Raises the Possibility of Bitcoin Dropping to as Low as $44,000. For more information, please follow other related articles on the PHP Chinese website!