Legendary analyst Peter Brandt indicates that the price of Bitcoin may drop to $78,000 for the following reasons🔥🔥🔥

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Peter Brandt holds a bearish view on Bitcoin

Legendary analyst Peter Brandt predicts that the price of Bitcoin may drop to $78,000. In a post, he reveals the head and shoulders pattern, noting that if this pattern fully develops, the price may reach that target. He also mentions that this pattern could fail or evolve into other patterns due to certain factors. Cryptocurrency analyst Aksel Kibar also emphasized the potential head and shoulders pattern forming on the BTC chart.

Analysts have differing opinions

Analysts point out that the bearish pattern poses a risk of Bitcoin's price dropping to $80,000 and may drive the price to expand the pattern to $73,600. However, the pattern still needs to break the neckline to truly achieve a breakout. Ali Martinez also provides bearish signals, stating that a drop below $93,600 could lead to a price drop to $70,000. On the other hand, BTC needs to break above $94,800 to confirm a rebound.

Future outlook for Bitcoin

Cryptocurrency analyst Mikybull Crypto indicates that Bitcoin may experience a sharp decline before the first quarter of 2025, followed by a rebound to the cycle top, with volatility exceeding expectations. The accompanying chart shows that the price of Bitcoin may rebound to around $130,000. Jelle predicts that BTC could reach $140,000 within the next three months. Despite the current price trend being flat, analysts still believe that Bitcoin will rise significantly. At the time of writing, the price of Bitcoin is around $93,600, down more than 1% in the past 24 hours.

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