Bitcoin

<p><a href="https://bitcoinist.com/bitcoin-bull-brandt-burns-schiff-stop-betting-on-dead-horses/" rel="nofollow">Veteran trader Peter Brandt</a> has raised the possibility of Bitcoin dropping <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-crash-10-69000/">to as low as $44,000</a>. He predicted this could happen based on a technical indicator that paints a <a href="https://bitcoinist.com/bitcoin-price-outlook-community-bearish/" rel="nofollow">bearish outlook</a> for the flagship crypto.&nbsp;</p> 
<h2 id="why-bitcoin-could-drop-to-44-000">Why Bitcoin Could Drop To $44,000</h2> 
<p>Brandt predicted in an X (formerly Twitter) <a href="https://x.com/PeterLBrandt/status/1809961868603048271" rel="nofollow">post</a> that Bitcoin could drop to as low as $44,000 if the flagship crypto has completed a <a href="https://bitcoinist.com/call-for-a-46000-bitcoin-emerge-on-double-top-breakdown/" rel="nofollow">double top</a>. 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 <a href="https://bitcoinist.com/call-for-a-46000-bitcoin-emerge-on-double-top-breakdown/" rel="nofollow">moderate decline</a> between them.</p> 
<img loading="lazy" decoding="async" class="size-medium wp-image-628409" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_33fecd.png?w=460&amp;resize=460%2C270" alt="Bitcoin" width="460" height="270" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_33fecd.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_33fecd.png?w=460&amp;resize=460%2C270 460w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
<p>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="nofollow">responded</a> to Brandt’s post, noting that the depth of the top in Bitcoin is around 10% of its price. Based on this, JK suggested that it is unlikely that Bitcoin formed a double top since Richard Schabacker (one of the greatest analysts) said that 20% and not less is required for a <a href="https://www.newsbtc.com/news/bitcoin-price-double-top-how-low-can-btc-drop/">true double top</a> to form.&nbsp;</p> 
<p>Brandt <a href="https://x.com/PeterLBrandt/status/1809975642470994294" rel="nofollow">seemed</a> to agree with JK’s reasoning, suggesting that it was also possible that a double top hasn’t been completed and that Bitcoin could witness a bullish reversal from its current price range. Some other analysts also shared their thoughts in response to Brandt’s post. One of them, Colin, <a href="https://x.com/ColinTCrypto/status/1809999062441112026" rel="nofollow">mentioned</a> that he doesn’t think that was a double top for Bitcoin.&nbsp;&nbsp;</p> 
<p>Colin added that there was too much strength on these two bounces off the lower ranges and back into the channel to assume a <a href="https://www.newsbtc.com/news/why-the-double-top-narrative-in-bitcoin-doesnt-make-sense/">double top</a>. Instead, he believes that Bitcoin’s recent price action is <a href="https://bitcoinist.com/bitcoin-accumulation-new-data-swing/" rel="nofollow">currently an accumulation</a> and not a distribution range.&nbsp;</p> 
<p>Based on Schabacker’s analysis, another analyst, Chartvist, also <a href="https://x.com/chartvist/status/1810077164077003018" rel="nofollow">explained</a> why it is unlikely that BTC has formed a double top. The analyst mentioned that the volume profile is not in line with the technical of a double top as there is usually a high volume for the first peak and a low volume for the second peak.&nbsp;</p> 
<h2 id="how-btc-could-drop-to-44-000">How BTC Could Drop To $44,000</h2> 
<p>Crypto analyst CrediBULL Crypto <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-closes-cme-gap/#:~:text=Crypto%20expert%20Michael%20van%20de,crypto's%20recent%20decline%20below%20%2460%2C000.">recently provided</a> insights into how Bitcoin could drop to the <a href="https://bitcoinist.com/bitcoin-price-crashed-below-40000/" rel="nofollow">$40,000 range</a>. He stated that Bitcoin dropping to the <a href="https://bitcoinist.com/bitcoin-targeting-50000-in-december-analysts/" rel="nofollow">demand area at $53,000</a> 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;</p> 
<p><a href="https://bitcoinist.com/can-dogecoin-reach-0-2/#:~:text=Crypto%20Analyst%20Reveals%20Bearish%20Expectations,-by%20Scott%20Matherson&amp;text=Crypto%20analyst%20CrediBULL%20Crypto%20has,low%20as%20%240.5%20soon%20enough." rel="nofollow">CrediBUILL Crypto</a> 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. Instead, he believes Bitcoin will likely reverse from its current price range. He predicts that the flagship crypto will rise to <a href="https://bitcoinist.com/standard-chartered-100000-bitcoin-pre-us-elections/" rel="nofollow">as high as $100,000</a> in the long term.&nbsp;</p> 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/m26QaZsZ/" alt="Bitcoin price chart from Tradingview.com" width="3286" height="1578">

Legendary Trader Peter Brandt Says Bitcoin Could Crash To $44,000, Here’s Why

Spis treści

NewsBTC

Inne artykuły opublikowane 9 lip 2024

Crypto Whales Shuffle 200 Million XRP Tokens Amid Bitcoin Struggle To Reclaim $63,000

Q3 Altcoin Price Pump Is Inevitable, Silver-Tongued Crypto Analyst Shares Latest Insights on How

Legendary Bitcoin Trader Peter Brandt Unveils His Trading Secrets

Apex Legends locks battle pass behind paywall

Dogecoin Trades Flat, 'Price Recovery Faces Hurdle' After This Key Level: Crypto Trader Says

Registration Now Open for Gate.io WCTC S6 Competition, Offers Up To $5 Million in Prizes

Zapisz się na bezpłatny newsletter i otrzymuj codzień aktualności ze świata kryptowalut!