Experienced Trader Peter Brandt increased the probability of Bitcoin depreciation to just $44,000He predicted that this could happen based on the technical indicator that shows bear perspective for the flagship cryptocurrency.
Why Bitcoin Could Fall to $44,000
Brandt predicted in X (formerly Twitter) fasting that Bitcoin could fall as low as $44,000 if the leading cryptocurrency ends double peakA double top is a bearish pattern that indicates that BTC may experience a major downside reversal after making two consecutive highs and moderate decline between them.
Based on Brandt’s chart, the flagship cryptocurrency could be completing a double top. However, another analyst, JK, he replied to Brandt’s post, noting that the depth of a Bitcoin top is about 10% of its price. Based on this, JK suggested that Bitcoin is unlikely to form a double top, as Richard Schabacker (one of the leading analysts) said that 20% and no less is required for a true double top shape.
Brandt it seemed agree with JK’s reasoning, suggesting that it is also possible that the double top has not been completed and that Bitcoin may experience 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, mentioned that he doesn’t think Bitcoin has hit a double top.
Colin added that the strength of the two bounces from the lower ranges and the return to the channel were too mighty to be considered double peakInstead, he believes that Bitcoin’s recent price action is currently accumulation not the scope of distribution.
Based on Schabacker’s analysis, another analyst, Chartvist, also explained why BTC is unlikely to form a double top. The analyst mentioned that the volume profile does not follow the technical profile of a double top as there is usually high volume for the first top and low volume for the second top.
How BTC Could Fall to $44,000
Cryptocurrency Analyst CrediBULL Crypto recently delivered insights on how Bitcoin could fall to $40,000 range. He stated that Bitcoin is falling to demand area at $53,000 could start such a downtrend. However, BTC will have to fail to stay above $53,000 for the possibility of Bitcoin falling to $44,000 to become realistic.
CrediBUILL Crypto is sanguine that BTC will not fall to such levels. He noted that this is the “least likely to actually happen” of all the scenarios he outlined for Bitcoin. Instead, he believes that Bitcoin will likely reverse away from its current price range. He predicts that the flagship cryptocurrency will rise to up to $100,000 in the long term.
Featured image created with Dall.E, chart from Tradingview.com
