Why Bitcoin Could Revisit $27K, Peter Brandt Says

2 years ago

Bitcoin is backmost beneath $40,000 arsenic the wide sentiment successful the marketplace seems to crook pessimistic. The archetypal crypto by marketplace headdress has been incapable to ascent backmost to the $50,000 country and has been moving successful a choky scope astir its existent levels.

Negative predictions for Bitcoin and different larger cryptocurrencies are increasing. The uncertainty astir the warfare betwixt Ukraine and Russia, and the U.S. Federal Reserve (FED) hike successful involvement rates look to beryllium the 2 main catalysts for the weakness successful the planetary market.

Legendary trader Peter Brandt seems to favour the short-term bearish thesis. Pseudonym users shared a Bitcoin terms prediction with Brandt which suggest the cryptocurrency could revisit captious areas of enactment beneath $30,000.

This could BTC’s terms to $28,000 oregon $27,000 arsenic soon arsenic May oregon June this year. This prediction matches that of BitMEX CEO Arthur Hayes. He expects BTC and ETH to clang to $30,000 and $2,000, respectively.

As seen below, successful the illustration presented to Brandt, Bitcoin would driblet to its enactment portion earlier resuming its bullish momentum into uncharted territory. In the months aft that, the archetypal crypto by marketplace headdress could emergence by astir $100,000. Brandt said:

Very possible. This has been my conjecture for galore months. We volition see.

The crypto marketplace is presently correlated with accepted finances. The terms of Bitcoin has been moving successful tandem with the Nasdaq 100.

When large tech stocks amusement weakness, truthful does the terms of BTC. In that sense, the bearish thesis could find much enactment successful the pursuing chart.

Shared by Brandt, it suggests a bigger driblet successful large tech equities which could interaction the terms of Bitcoin and enactment further selling unit connected the crypto market.

Bitcoin Could See Short Term Relief

However, traders should instrumentality immoderate prediction with a atom of brackish particularly coming from Brandt oregon Hayes. They tin alteration their opinions and forecasts if the marketplace conditions enactment them.

For my uninitiated followers connected Twitter
I'm guided by pursuing principles arsenic illustration trader
-Strong opinions, weakly held
-Flexible, not dogmatic astir anything
-An sentiment is not a position, a presumption is not an opinion
-A illustration is not needfully my sentiment https://t.co/WwfqyYgx3O

— Peter Brandt (@PeterLBrandt) April 22, 2022

In the abbreviated term, Bitcoin has managed to enactment astatine its existent levels contempt the summation successful selling pressure. Data from Material Indicators shows important enactment beneath the price.

There are implicit $33 cardinal successful bid orders from $39,000 to $38,000 which suggest BTC could bounce backmost from present successful lawsuit of aboriginal downside terms action. To the upside, $41,500 stands arsenic the imaginable biggest absorption with astir $8 cardinal successful asks orders.

As NewsBTC reported, the options marketplace is positioning for a imaginable crash. There has been an uptick successful calls selling for May and June and an summation successful request for enactment options. In different words, traders are getting bearish.

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