The post Will BTC Hit $62,500? Peter Brandt’s Bitcoin Price Prediction appeared first on Coinpedia Fintech News
During the ongoing market recovery, veteran trader and chartist Peter Brandt recently made a post on X (previously Twitter) that gathered massive attention from the crypto community.
Peter Brandt’s Bitcoin prediction
In a post, Brandt predicted that Bitcoin (BTC) the world’s biggest cryptocurrency, could fall to the $40,000 level before the next half of the halving cycle. Despite Brandt’s future prediction, BTC is currently experiencing an impressive upside move and is on the verge of a crucial breakout.
It will be my honor to record a video today for @RealVision @RaoulGMI to discuss this chart. I believe there is a 50% chance $BTC visits sub-$40k before the last half of the halving plays itself out pic.twitter.com/FJGuYKlvXC
— Peter Brandt (@PeterLBrandt) August 8, 2024
Bitcoin price analysis
At press time, BTC is trading near the $58,200 level and has experienced a price jump of 2% in the last 24 hours. Meanwhile, its trading volume has dropped by 8% during the same period, suggesting potential fear among investors.
Additionally, BTC’s open interest (OI) is gradually increasing as it approaches a crucial resistance level. In the last 4-hour BTC’s OI has increased by 2%, as per an on-chain analytic firm CoinGlass.
Bitcoin price prediction
According to expert technical analysis, BTC is at a crucial level and is getting resistance from both a horizontal level and an inclined trendline near $58,400. At this point, there are two possibilities:
Source: Trading View
If the BTC’s 4-hour candle closes above the resistance level of $58,400, there is a high chance it could rise further by 5% to $62,500 near its 200 Exponential Moving Average (EMA). Conversely, if BTC’s 4-hour candle closes below the $56,900 level, there is a significant chance it could decline by 7% to its next channel support level of $52,500.
Based on the historical data and price momentum, BTC has experienced this resistance level three times in the last 10 days, each time resulting in a price decline. However, short sellers are expecting a similar move this time as well.
Expert comments on Bitcoin
In addition to Bitcoin price prediction, a prominent analyst recently shared a post on X, that the crypto market has returned to an extreme fear zone, potentially offering a prime opportunity to buy Bitcoin. He also added, “Remember, be greedy when others are fearful.”
