Legendary trader Peter Brandt predicts a big move for Bitcoin (BTC) – here’s his target
Veteran analyst and technical trader Peter Brandt says Bitcoin (BTC) is likely primed for a big move after months of quiet consolidation.
In a new YouTube strategy session with trader Tone Vays, Brandt says Bitcoin’s technicals point to a “washout” to nearly 30% below current prices.
Brandt, who predicted Bitcoin’s collapse after its 2017 bull run, says that BTC’s big double top formation over the past year is a strong harbinger of further downside before a reversal.
“If you take the double top that we had in bitcoin, take the fact that in 2021 we pierced the parabola, take the descending triangle – all of these things have targets down from around $13,000. The dual leadership has a goal down there. The descending triangle has a target down there and whenever you break a parabola in bitcoin you have an 80% corrective plus. We had like 75%, 76%. Not that we have to have 80%, but we had 80%.”
Source: Tone Vays/YouTube
Brandt also says that based on traditional charting techniques, Bitcoin is likely to follow the downtrend that preceded the current consolidation phase.
“Bitcoin is trending down, and as a classic chartist, I always believe that any period of consolidation or congestion will resolve in the direction that preceded that congestion. So I have to bet that we’ll most likely still have some kind of washout, although it’s not necessary. We don’t have to have it, but I certainly wouldn’t want to put the farm on Bitcoin at $18,000.”
Brandt says his price prediction would fall apart if bitcoin surges above $20,000 and finds solid support above $22,000.
“I certainly think that if bitcoin can’t really get up and consolidate back above $20k, we could see further downside… I don’t think we’re going to go to $11k or $12k. I think $13,000 is probably a more realistic level…
As far as I’m concerned, I see no reason why bitcoin can’t fall back down to that $13,000 until bitcoin can truly recover and hold $22,000.”
At the time of writing, Bitcoin is changing hands at $18,112.
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