Veteran cryptocurrency analyst Peter Brandt shared his new analysis on Bitcoin (BTC). As we reported on cryptokoin.com, Peter Brandt was famous for predicting BTC drops. The analyst has now said that Bitcoin is poised for a big move after months of quiet consolidation. Here are the details…
Bitcoin is ready for a new move
Brandt, who runs a new YouTube strategy program with veteran trader Tone Vays, explained that Bitcoin’s technical characteristics point to a drop of about 30 percent from current prices. Brandt correctly predicted Bitcoin’s collapse after the 2017 bull run. The analyst said that BTC’s massive double top formation last year prepared the yen for a new move before the momentum reversed. In addition, the analyst conveyed his views as follows:
If you base the double top we have in Bitcoin, you get the fact that we’re entering the parabola in 2021, you get the descending triangle – all with targets below $13,000. The double hill has a target below. The descending triangle has a target below. You also get 80% plus correction every time you break a parabola in Bitcoin. We got 75%, 76% or something. We don’t have to have 80%, but we do have 80%.
Brandt also continued his predictions based on traditional graphics techniques. The analyst said that Bitcoin is likely to follow the downward momentum prior to the current consolidation period. Also, the experienced analyst said:
Bitcoin’s trend is down. As a classic chartist I always believe that any period of consolidation or congestion you have will resolve itself in the direction before that congestion. So I bet we will most likely witness more declines.
BTC will fall to this level. This is the bottom level…
Brandt said that his price prediction will change if Bitcoin rallies above $20,000 and gains solid support above the $22,000 level. The analyst also added:
I think we may see another drop if Bitcoin does not really recover and consolidate above $20,000 again. I don’t think we’re going to $11,000 or $12,000. I think $13,000 is probably a more realistic level…
In my opinion, I don’t see any reason why Bitcoin shouldn’t go back to $13,000 before it really hits $22,000 and clings to it. Bitcoin price is down about 0.7 percent in the last 24 hours. Its price is currently trading at $ 17,699.45.
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