Legendary analyst Peter Brandt It has presented a bearish outlook for the price of Bitcoin. He predicted that it could fall to $78,000 and explained why he felt so bearish.
Peter Brandt predicted a fall in the price of Bitcoin to $78,000
in one Post XPeter Brandt predicted that the price of Bitcoin could fall to $78,000. This prediction was made when he a head and shoulders The above pattern This legendary analyst noted that the full formation of this pattern could cause the price to break this target. Brandt added that the pattern could fail with “hiring drift,” or it could turn into something else.
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Peter Brandt stated that as it stands now, this is a head and shoulders above pattern for the price of Bitcoin to deal with. The legendary analyst isn't the only one who has suggested this bearish pattern for Bitcoin. Cryptographic Analyzer Axel Kibar also highlighted A potential head and shoulders pattern formed on the BTC chart.
This bearish pattern puts the price of Bitcoin at risk of falling to $80,000, the analyst indicated. He also raised the possibility that this pullback would push the flagship crypto in its direction Expansion pattern which was completed with a break above $73,600. However, the analyst suggested that the bearish pattern could still be invalidated as it still needs to break below the neckline before this breakout becomes a real possibility.
Cryptographic Analyzer Ali Martinez It has also recently provided a bearish adjustment for the price of Bitcoin. He stated that a drop below $93,600 could push the flagship crypto to $80,000 or even $70,000. On the other hand, he noted that Bitcoin would need to break above $94,800 to confirm a price reversal.
How to play for BTC
In a post X, cryptocurrency analyst Mikybull Crypto It provided insights into how it could play out for the price of Bitcoin. He stated that Bitcoin may experience a dip heading into the first quarter of 2025 before finally climbing into a cycle. He added that 2025 will be more volatile than most market participants expect.
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The analyst's accompanying chart showed that the price of Bitcoin could reach a cycle high of around $130,000. CryptoGel Analyzer It also recently predicted that Bitcoin could reach $140,000 in the next three months. Despite the current price action of Bitcoin, the analyst is confident that the digital currency will continue to go much higher.
He stated that everything indicates that the price of Bitcoin will go higher in the next few months. The crypto analyst added that it doesn't matter if Bitcoin drops to $87,000 during this period or not, because it will still go higher later.
At the time of writing, Bitcoin is trading at around $93,600, down more than 1% in the last 24 hours. data From CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
