Editor's PiCK
Peter Brandt: "Bitcoin could fall to $64,000 if the 2021 pattern repeats"
Summary
- Peter Brandt reported that Bitcoin is showing a short-term downside risk by exhibiting a pattern similar to its 2021 peak.
- He stated that if the same pattern repeats, Bitcoin's price could fall to around $64,000.
- Brandt highlighted that without recovering the upward trendline, the bull market could end before August–September and a 50–60% correction could occur.
Bitcoin (BTC) now faces the possibility of a short-term decline, supported by technical bearish signals.
On the 7th (local time), veteran trader Peter Brandt told Cointelegraph, a crypto-specialized media outlet, that "Bitcoin is forming a pattern similar to its weekly peak in 2021" and analyzed that "a correction of more than 50%, similar to that time, may occur in the near future." If a drop similar to 2021 occurs, the price of Bitcoin could fall to about $64,000.
Brandt pointed out, "For Bitcoin to continue an upward cycle to $125,000–$150,000, it must first reclaim its upward trendline. If this trend is not regained, the bull market could end before August–September, and a typical correction in the 50%–60% range could take place."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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