Technical analyst Peter Brandt, known for his accurate Bitcoin predictions, updated his expectations in a message to Microstrategy founder Michael Saylor. The BTC forecast was rather modest, contrary to exaggerated expectations.
Here’s what Peter Brandt said to Michael Saylor
Saylor, an outspoken supporter of Bitcoin, has renewed his faith in the cryptocurrency in his most recent tweets. On December 18, he embellished a magnificent Bitcoin image on Twitter with the words “Believe in Bitcoin”. The image features a physical BTC that a woman adores. Shortly after this post, technical analyst Peter Brandt gave Saylor a sarcastic reply. The seasoned investor has added Bitcoin to the list of things that can distract from religious beliefs.
Peter Brandt does not share Michael Saylor’s fanatical belief in Bitcoin. Instead, he sees Bitcoin as one of the commodities to be traded in the market for profit. Michael Saylor is known for his numerous tweets about Bitcoin. These are often just a single line that sounds like an ancient piece of wisdom, a metaphor, or a phrase – “digital energy flows,” for example.
Peter Brandt criticizes analysts on BTC forecast
Earlier this year, Brandt also criticized Bitcoin phenomena that joined the “laser eyes” movement last year. The biggest cryptocurrency had been on the agenda for a long time last year with expectations that it would reach $100,000. The technical analyst said that the BTC price will drop below $20,000 instead. Disastrous for crypto investors, he was right in his predictions. cryptocoin.com You can check out Brandt’s past accurate predictions here.
What is the price of bitcoin
On the technical side, Bitcoin has been slightly bullish over the past week. Thus, it sparked hopes for a potential recovery above $20,000. However, the positive aspect was short-lived. The leading cryptocurrency is trading below $17,000 again at the time of writing.
A look at the current level of demand in the market can help determine how Bitcoin’s price action will turn out. According to the latest Glassnode alerts, the number of Bitcoin addresses holding more than 10 BTC was at a two-year high. This observation meant that there was still some demand for BTC in the market.
The purchase of whales confirms that Bitcoin is still experiencing significant demand even as the price continues to drop. However, this is not enough to generate strong bullish momentum. A look at BTC’s performance in the derivatives market helps to better understand the level of volatility to expect over the next few days.
Bitcoin, for example, experienced a sharp decline in open interest in the derivatives market from December 14 to 16. This was around the time the price gave up on its weekly gains.
The same metric revealed that Bitcoin’s open position has recovered somewhat over the past two days, but not as enthusiastically as its previous drop. Despite this slight recovery, the Bitcoin funding rate had not yet recovered.
This drop in funding rates indicates that short-term investors have the upper hand and are willing to pay funds to long-term investors. All in all, based on the above observations, it was clear that Bitcoin’s volatility and demand from whales were on the way to recovery. On the other hand, analysts’ bullish expectations were lower. Before Peter Brandt, other analysts predicted that Bitcoin would drop below $15,000 in the coming months.
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