The recent drop in Bitcoin price below $67,000 has caused discussions and concerns among investors. This situation brought with it the expectation of further decline. Notably, famous analyst and experienced trader Peter Brandt, who correctly predicted that Bitcoin would drop to $16,000 in 2022, is now warning that BTC could fall to $48,000.
Analyst predicts Bitcoin price will drop to $48 thousand
This decline of Bitcoin caused wide repercussions in the crypto community. The failure of the leading crypto to hold above the $67,000 level has led to intense speculation about its future movements. In this environment, legendary trader and analyst Peter Brandt, known for his accurate predictions, made a serious warning. In his latest statements, Brandt drew Bitcoin's potential decline path. Here are the predictions shared by the famous analyst:
"Sometimes the most obvious interpretations of a chart work, but most of the time the charts change shape. The most obvious is this: Once BTC passes 65,000, the market goes to 60,000. Above 60,000, the market falls to 48,000."
In the Bitcoin price chart he shared, Peter Brandt emphasized that the $65,000 and $60,000 levels are very important for the near future of Bitcoin. According to Brandt, a decline below $65,000 could push the price towards $60,000. Additionally, a drop below the $60,000 level could cause Bitcoin to decline to $48,000. However, Brandt also states that despite these simple comments, the market is unpredictable. "Sometimes the most obvious interpretations of a graph work. Often graphs change shape," he says.
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