Bitcoin

<a href="https://bitcoinworld.co.in/legendary-trader-peter-brandt-says-bitcoin-could-crash-to-44k-heres-why/" title="Legendary Trader Peter Brandt Says Bitcoin Could Crash To $44K, Here’s Why" rel="noopener noreferrer nofollow"></a>
Veteran trader Peter Brandt has raised the possibility of Bitcoin dropping to as low as $44K. He predicted this could happen based on a technical indicator that paints a bearish outlook for the flagship crypto.&nbsp;
<h3 id="span-style-font-weight-400-why-bitcoin-could-drop-to-44-000-span">Why Bitcoin Could Drop To $44,000</h3>
Brandt <a href="https://x.com/PeterLBrandt/status/1809961868603048271" rel="noopener noreferrer nofollow">predicted</a> in an X (formerly Twitter) post that Bitcoin could drop to as low as $44,000 if the flagship crypto has completed a double top.&nbsp;
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Has Bitcoin completed a double top? Yes or no???? If yet, minimum target is $44,000 What do you think?<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> <a href="https://t.co/EpzeihHJtF" rel="noopener noreferrer nofollow">pic.twitter.com/EpzeihHJtF</a>
 — Peter Brandt (@PeterLBrandt) <a href="https://twitter.com/PeterLBrandt/status/1809961868603048271?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 7, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
A double top is a bearish pattern that indicates that BTC could witness a severe reversal to the downside, having hit two consecutive peaks and a moderate decline between them.
Based on Brandt’s chart, the flagship crypto may have completed a double top. However, another analyst, JK, <a href="https://x.com/jonbking/status/1809965133973659836" rel="noopener noreferrer nofollow">responded</a> to Brandt’s post, noting that the depth of the top in Bitcoin is around 10% of its price.&nbsp;
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 As we discussed in discord this week, no.
 The depth of the “top” in BTC is around 10% of price, whereas Schabacker says 20% “and not much less” is required for a true double top
 — JK (@jonbking) <a href="https://twitter.com/jonbking/status/1809965133973659836?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 7, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Based on this, JK suggested that it is unlikely that <a href="https://bitcoinworld.co.in/with-bitcoin-below-56k-why-is-the-crypto-market-crashing-today/" rel="noopener noreferrer nofollow">Bitcoin</a> formed a double top since Richard Schabacker (one of the greatest analysts) said that 20% and not less is required for a true double top to form.&nbsp;
Brandt seemed to agree with JK’s reasoning, suggesting that it was also possible that a double top hadn’t been completed and that Bitcoin could witness a bullish reversal from its current price range.&nbsp;
Some other analysts also shared their thoughts in response to Brandt’s post. One of them, Colin, mentioned that he doesn’t think that was a double top for Bitcoin.&nbsp;&nbsp;
Colin added that there was too much strength on these two bounces off the lower ranges and back into the channel to assume a double top. Instead, he believes that Bitcoin’s recent price action is currently an accumulation and not a distribution range.&nbsp;
Based on Schabacker’s analysis, another analyst, Chartvist, also explained why it is unlikely that BTC has formed a double top.&nbsp;
The analyst mentioned that the volume profile is not in line with the technique of a double top as there is usually a high volume for the first peak and a low volume for the second peak.&nbsp;
<h3 id="span-style-font-weight-400-how-btc-could-drop-to-44-000-span">How BTC Could Drop To $44,000</h3>
Crypto analyst CrediBULL Crypto recently provided insights into how Bitcoin could drop to the $40,000 range.&nbsp;
He stated that Bitcoin dropping to the demand area at $53,000 could kickstart such a downtrend. However, BTC will need to fail to hold above $53,000 for the possibility of Bitcoin dropping to $44,000 to become feasible.&nbsp;
CrediBUILL Crypto is optimistic that BTC won’t drop to such levels. He noted that this was “the least likely to actually play out” among all the scenarios he had outlined for Bitcoin.&nbsp;
Instead, he believes Bitcoin will likely reverse from its current price range. He predicts that the flagship crypto will rise to as high as $100,000 in the long term.&nbsp;

Legendary Trader Peter Brandt Says Bitcoin Could Crash To $44K, Here’s Why

Indice dei contenuti

ItsBitcoinWorld

Altri articoli pubblicati su 9 lug 2024

Japan’s MicroStrategy Metaplanet ‘buys the dip,’ invests 400M yen in Bitcoin

Santiment Announces the RWA Altcoins That Developers Focus on Most: The Top Has Not Changed Again!

Shiba Inu News: Latest Updates and Analysis

Three Important Events for Crypto Market to Watch This Week, Chainlink Whales Purchase $76 Millio...

Crypto Sector on Edge as House Gears Up for Landmark Vote on SAB 121 Bill

Bitcoin’s Rollercoaster Ride: Navigating US Stocks All-Time Highs

Iscriviti alla nostra newsletter gratuita per aggiornamenti giornalieri sulle criptovalute!