It is predicted that BTC may drop to $44,000 according to Peter Brandt. If the weekly RSI fails to maintain the 42 level, new lows could be seen below $50,000.
Investors are concerned about the uncertainty of MTGOX refund processes and the German government's constant on-chain warnings. Bitcoin has been in a downward trend for weeks and this is causing big problems for altcoins. So where do the current bottom predictions for BTC show? What lies at the root of long-standing fear and panic? Here are current comments and possible scenarios:
Before the last big drop, BTC was giving bullish signals with the recovery it started at $ 58,500. However, it recently hit lower levels and dropped to $54,260 in the last 24 hours. How long will this downward trend continue?
Keith Alan, co-founder of Material Indicators, said: "The weekly close for Bitcoin was very bad. There is a lot of 'bottom' speculation in the community, but we cannot confirm it yet. A retest of support could provide confirmation. However, $53,500 is a strong support." I'm not sure if it will stay that way or not."
Alan warned, "I am watching the weekly RSI very closely. If the weekly RSI cannot maintain its value of 42, be prepared to enter the Bear Market."
Today, the RSI measured 45.6 and BTC is back to the levels it was in when it traded around $25,000. A new weekly red candle could push the RSI lower, but a bounce is expected if critical support levels can be maintained.
BTC Bottom Prediction
Peter Brandt is a well-known name in traditional markets and had made successful predictions about major transformations in cryptocurrencies in 2021. Now the same name reminds us of the double top pattern in 2021 and we wonder “again?” he asks. If Peter is right this time, the $44,000 target for BTC could signal a significant decline.
BTC is currently trading around $57,000 and is in a tough spot against FUD (fear, uncertainty, doubt). There is a risk that the excess BTC supply of over $10 billion will be sold to exchanges in a weak volume environment. Even MTGOX refunds exceed $8 billion, and the German government is trying to transfer the 50 thousand BTC in its possession in a partial manner, but investors cannot predict when the big spot sales wave will come at the end of this process.
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