Bitcoin (BTC) price has been attracting investors’ attention in recent days. BTC, which fell below the $ 56,000 level, has raised many questions. With this decline, famous investor and crypto market expert Peter Brandt predicted that the Bitcoin price could fall to $ 46,000. Now, let’s take a closer look at the possible reasons for this decline today.
Peter Brandt Predicts Bitcoin Price to Drop to $46,000
Peter Brandt stated that the “inverted expanding triangle” formation in the Bitcoin price draws a dangerous picture with the chart he shared on the X platform. If the lower limit of this formation is tested, the BTC price could fall to $ 46,000. Moreover, according to Brandt’s analysis, this bearish formation shows that the selling pressure is increasing. He emphasizes that a new peak is needed for the rise to resume.
Moreover, Brandt notes that Bitcoin usually enters an uptrend after the halving. However, this time, the weak performance has reduced the interest of investors. This negatively affects the market sentiment. Brandt’s observations indicate that the current recession may continue and investors should proceed with more caution.
Why Is BTC Price Declining?
The non-farm payrolls data coming from the US is of great interest to the market. This data will affect the interest rate decisions of the US Federal Reserve. The employment data will determine the market sentiment on whether the FED will cut interest rates or not. However, investors are taking a cautious stance ahead of this data. Therefore, this is also putting pressure on the market. Recently, some large investors, namely whales, have been exiting the Bitcoin market and realizing their profits.
According to a Lookonchain report, a whale sold 680 BTC, or $38.77 million. These sales accelerated the decline in BTC prices. Profit-taking strategies put pressure on the market, causing prices to fall. US Spot Bitcoin ETFs have been underperforming in recent days. According to Farside Investors data, there was an outflow of $325 million from Bitcoin ETFs. In the last six trading days, there was a total outflow of $800 million. This decreasing momentum is causing concern among investors. This situation is increasing the pressure on Bitcoin prices.
What’s Next for BTC Price?
Bitcoin has historically been bearish in September. According to CoinGlass data, September has seen an uptrend only three times since 2013. Therefore, many experts and investors prefer to stay away from cryptocurrencies in September. However, some analysts argue that Bitcoin could reverse the negative trend in September this year. Still, the current downtrend and pessimistic forecasts from experts call for investors to be careful.
Bitcoin is currently trading at $55,978. It has lost 3.65% in the last 24 hours. In addition, trading volume decreased by 14% to $30.93 billion. According to experts, if the downtrend continues, the BTC price could fall to $50,000. Peter Brandt’s latest predictions and current market conditions are among the important indicators that investors should follow carefully.
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