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<img width="1200" height="800" src="https://coingape.com/wp-content/uploads/2023/12/bitcoin-86-1-e1701671123539.jpg" class="attachment-full size-full wp-post-image" alt="Legendary Peter Brandt Predicts Bitcoin Rendezvous With Parabola As CME Gap Closes" decoding="async" style="float:right; margin:0 0 10px 10px;">
The crypto market saw $250 million liquidated over the last 24 hours, with $60 million Bitcoin longs liquidated from a total of $70 million. BTC price fell under key $40,000 support level as traders and experts anticipated a weak trend due to macro and technical reasons. 
However, a correction in Bitcoin price has been pending since December after a rally triggered by massive buying from retail and institutional investors. CoinGape reported a <a href="https://coingape.com/bitcoin-btc-cme-gap-at-39700-is-it-good-or-bad-news-for-investors/" target="_blank" rel="noopener">CME Bitcoin gap</a> near $39,700, which has finally filled as Bitcoin drops to a 24-hour low of $38,923. 
<h2 id="peter-brandt-shares-bullish-outlook">Peter Brandt Shares Bullish Outlook</h2> 
Reacting to Bitcoin price prediction to popular trader Cheds that side-liners will again take long positions under $40,000, Peter Brandt agrees the decline is most probably a wash out of weak longs. 
In contrast to bearish sentiment and weak buying from bulls below $40K, Peter Brandt said “Would love to see what would happen when (if) parabola is retested.” 
<img decoding="async" class="aligncenter" src="https://pbs.twimg.com/media/GEfqdbaaYAANL47?format=jpg&amp;name=large" alt="Image" width="788" height="420"> 
As the major support is broken and CME Bitcoin gap is filled, buying from the dip for longs is expected. However, the parabola shared by Peter Brandt depicts a retest most likely in Feb-end or early March. 
March will be a crucial month for BTC traders in terms of macro and post-Bitcoin halving sentiment. The world will keep an eye on the <a href="https://coingape.com/blackrock-expects-no-rate-cuts-until-june-bitcoin-post-halving-could-delay/" target="_blank" rel="noopener">US Federal Reserve</a> monetary policy decision in March for a pivot. The macro currently is against the Bitcoin bullish momentum. 
The U.S. 10-year treasury yield hovers near 4.15%. The US dollar remains strong reversed back to 103.50 from 101 in early January, currently at <a rel="nofollow" href="https://www.marketwatch.com/investing/index/dxy" target="_blank">DXY</a> index is at 103.29. Bitcoin traders brace for key economic data this month end including <a href="https://coingape.com/bitmex-arthur-hayes-predicts-bitcoin-btc-price-dump-below-40000/" target="_blank" rel="noopener">US Treasury</a> quarterly refunding announcement on January 31. 
Whales have sold around 70,00 BTCs worth over $3 billion in the last two weeks, reported popular analyst Ali Martinez. Analyst Rekt Capital revealed that Bitcoin is repeating historical chart patterns over correction before a halving. 
<img decoding="async" class="aligncenter" src="https://pbs.twimg.com/media/GEdEakzWcAEXCzZ?format=jpg&amp;name=large" alt="Image" width="722" height="510">In the 4-hour chart, Bollinger bands and RSI indicate a buy the dip opportunity for BTC price. RSI dips to the oversold zone. 
<a href="https://coingape.com/price/bitcoin" target="_blank" rel="noopener">BTC price</a> fell 5% in the past 24 hours, with the price currently trading at $38,964. The 24-hour low and high are $38,839 and $41,242, respectively. Furthermore, the trading volume has increased by 85% in the last 24 hours, indicating interest among traders. 
Also Read: 
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 <li><a href="https://coingape.com/invesco-wisdomtree-ignite-europe-bitcoin-etf-fees-battle/" target="_blank" rel="noopener">Invesco &amp; WisdomTree Ignite Europe’s Bitcoin ETF Fees Battle</a></li> 
 <li><a href="https://coingape.com/pro-xrp-lawyer-exposes-sec-money-grab-in-crypto-speech-fallout/" target="_blank" rel="noopener">Pro-XRP Lawyer Exposes SEC’s ‘Money Grab’ In Crypto Speech Fallout</a></li> 
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The post <a href="https://coingape.com/legendary-peter-brandt-predicts-bitcoin-rendezvous-with-parabola-as-cme-gap-closes/">Legendary Peter Brandt Predicts Bitcoin Rendezvous With Parabola As CME Gap Closes</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Legendary Peter Brandt Predicts Bitcoin Rendezvous With Parabola As CME Gap Closes

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