Bitcoin Price Outlook: Potential Drop to $70k Range Warns Veteran Trader Peter Brandt
Bitcoin's Volatile Market and Price Drop
Bitcoin's price remains unstable, characterized by small fluctuations that are affecting both buyers and sellers. This week, Bitcoin has dropped over 4% from its recent high of $89,000, leaving investors concerned about further declines. The cryptocurrency's inability to surge higher has raised alarms, as its downward movement could impact other crypto assets as well.
Peter Brandt's Bearish Prediction
Veteran trader Peter Brandt, with over five decades of market experience, has highlighted a bearish outlook for Bitcoin. He identifies a bear flag pattern in Bitcoin's price chart, suggesting a potential decline to the low $70,000 range. Brandt estimates that Bitcoin could lose approximately 15% of its value in the coming weeks if this pattern holds true.
A Glimmer of Hope
While Brandt's prediction paints a gloomy picture, he acknowledges that the scenario could change if Bitcoin breaks above $91,000. This price level could invalidate the bearish pattern and potentially lead to a more positive outlook for the cryptocurrency.
Investors are advised to stay vigilant as Bitcoin's price movement remains uncertain, with both bearish and bullish possibilities still on the table.
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