According to Peter Brandt, CEO of Factor LLC cryptocurrency The recent decline in the market may be a bottom point in a long-term uptrend.
Brandt, “bitcoin What will make its price reach $200,000?” He answered the question as follows: “I think the market should move upwards in a parabolic manner. This is actually what Bitcoin has done in the past.”
At the time of this writing, Bitcoin price is trading around $37,000, which is about 45% lower than the record $69,000 it set in November 2021.
Along with the sharp decline, it has caused some investors to have liquidity over the past week.
Peter Brandt said in a recent statement: “During this decline, we did not experience the kind of volume expansion we have seen in previous short-term declines.”
Peter Brandt: “A Drop To $27,000 Is Possible”
Price drops at high volumes typically indicate a capitulation among sellers. According to Brandt, this signals that the decline in Bitcoin price may continue and a decline below $30,000 to $27,000 may be experienced.
In addition, Brandt believes we could see sellers panic in the next 30 to 60 days.
In the current situation, we are witnessing that the BTC price fluctuates in a narrow price range between $ 33,000 and $ 42,000. Peter Brandt concluded, “After experiencing a 50% drop in BTC price, it’s time to refocus on the long-term process.”
*Not investment advice.