Peter Brandt, a veteran analyst and technical trader, says that Bitcoin ( BTC ) is likely to make a big move after months of quiet consolidation.
Brandt, a YouTube strategist in session with Tone Vays, says Bitcoin’s technicals suggest a “washout” close to 30% below current prices.
Brandt, who foresaw Bitcoin’s fall after its 2017 bull market, said that BTC’s double top formation last January is a strong indicator of another decline before a reversal.
“If you take Bitcoin’s double top, and you add the fact that Bitcoin penetrated the parabola in 2021, then you get the descending triangle. All of these things have targets around $13,000. The double top has an objective down there. The target for the descending triangle is down there. Additionally, if you break a Bitcoin parabola, you get an 80% correction-plus. We got 75% and 76%. The fact that we have 80 em> does not mean there is a need for 80%.
Source: Tone Vays/YouTube
Brandt also stated that Bitcoin will likely follow the same downward momentum as the period of consolidation based on traditional charting methods.
The trend in Bitcoin is down and I believe that any period or congestion that you have will end in the same direction as it was before. My bet is that we will most likely have one more washout, even though it’s unlikely. It’s not necessary, but it’s something I wouldn’t mind betting on at $18,000.
Brandt believes that his price prediction will begin to unravel if Bitcoin rises above $20,000 or gains solid support at the $22,000 level.
“I think Bitcoin will not consolidate above $20,000 unless Bitcoin is able to get up again. I don’t believe we’ll see another leg down. I believe $13,000 is a realistic and more achievable level.
Until Bitcoin can regain $22,000 and keep it, I don’t see why Bitcoin shouldn’t be able to slip back down below $13,000.”
Bitcoin currently trades at $18,112.
Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
