Legendary Analyst Peter Brandt Says Bitcoin Price Could Crash To $78,000, Here’s Why
legendary analyst Peter Brandt provides a bearish outlook for Bitcoin price. He predicted that the price could fall to $78,000 and explained why he holds such a pessimistic sentiment.
Peter Brandt predicts Bitcoin price will plummet to $78,000
in a X postsPeter Brandt predicts that Bitcoin price may fall to $78,000. This prediction comes after he revealed head and shoulders Top pattern. The legendary analyst said that the full formation of this pattern could lead to prices falling below this target. Brandt added that the model could fail as a “push hire” or could evolve into something else.
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Peter Brandt said that as things stand, this is a head-and-shoulders pattern for Bitcoin prices. The legendary analyst isn’t the only one to suggest a bearish pattern for Bitcoin. cryptocurrency analyst Aksel Kibar also highlighted A potential head and shoulders pattern forming on the BTC chart.
Analysts say this bearish pattern puts Bitcoin price at risk of falling to $80,000. He also raised the possibility of such a pullback bringing the flagship cryptocurrency to market. Expand the pattern It eventually broke above $73,600. However, analysts say this bearish pattern may still be invalid as it would still need to break below the neckline before such a breakout becomes a real possibility.
cryptocurrency analyst Ali Martinez A bearish setup was also recently provided for Bitcoin price. He said that if it falls below $93,600, the price of the flagship cryptocurrency could reach $80,000 or even $70,000. On the other hand, he said BTC needs to break above $94,800 to confirm a price rebound.
How BTC is performing
In X post, crypto analyst Mikybull Cryptocurrency Provides insights into how Bitcoin price plays out. He said Bitcoin could experience a dip heading into the first quarter of 2025 before eventually rebounding to the top of the cycle. Volatility in 2025 will exceed most market participants’ expectations, he added.
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The analyst’s accompanying chart shows that Bitcoin price could rise to a cycle top around $130,000. Cryptocurrency Analyst Jer It was also recently predicted that BTC would reach $140,000 within the next three months. Despite Bitcoin’s current tepid price action, analysts believe the cryptocurrency is still poised for significant gains.
He said everything points to Bitcoin prices going higher a few months from now. The cryptocurrency analyst added that it does not matter if Bitcoin falls to $87,000 at the same time, as it will still rebound later.
According to statistics, as of this writing, Bitcoin price is around $93,600, down more than 1% in the past 24 hours data From CoinMarketCap.
Featured image created using Dall.E, chart from Tradingview.com
