Tomiwabold Olajide
Amazing Bitcoin (BTC) price prediction by legendary trader Peter Brandt
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Bitcoin price remained in the red at the start of Monday, falling 0.66% to $26,866 in the last 24 hours. The cryptocurrency market has become monotonous as Bitcoin (BTC), the world’s largest digital asset by market value, settled in its tightest price range in months.
According to on-chain analytics firm Glassnode, the range, or difference, between the high and low in the seven days leading up to May 21 was 3.4%. This is still one of the tightest in the last three years and is on par with sluggish trading in January 2023 and July 2020.
“The 7-day price range (3.4%) that bitcoin has consolidated in is one of the tightest in the last three years. It is comparable to January 2023 and July 2020, both of which preceded major market moves… That suggests a high reading. “Volatility is likely on the horizon,” added the blockchain analytics firm, forecasting a major market move.
However, legendary trader Peter Brandt believes Bitcoin could see another market shakeout before the trend surges higher. However, he calls this a guess and claims it’s the best he has to offer.
“Maybe one more breakthrough and then a higher boost. But hey, that’s just a guess, and guesses are the best we have to offer. If anyone is dogmatic about their brilliance, turn around and run, save your wallet,” Brandt tweeted.
As reported, crypto analyst Carl from the Moon spotted a symmetrical triangle pattern that typically represents a consolidation. He gives a target of $25,000 or $29,000 depending on the direction of the price breakout.
To the extent that technical factors are pointing to a larger move in bitcoin price, Glassnode recently noted that network execution remains deficient compared to bullish market conditions.
On May 20, it was reported that the total transfer volume moving across the Bitcoin network had dropped to $2.73 billion per day, indicating lower network throughput than in the great 2021 bull market.
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