Legendary trader Peter Brandt predicts big moves for Bitcoin (BTC) – here’s his target
Veteran analyst and technical trader Peter Brandt says Bitcoin (BTC) is likely to set up for a big move after months of quiet consolidation.
In a new YouTube strategy session with trader Tone Vays, Brandt says Bitcoin’s technicals suggest a “washout” of nearly 30% down from today’s prices.
Brandt, who predicted Bitcoin’s collapse after the 2017 bull run, says BTC’s big double top formation last year is a strong harbinger of another move down before a reversal.
“If you take the double top that we had in Bitcoin, you take the fact that we penetrated the parabola in 2021, you take the descending triangle — all of those things have targets down around $13,000. The double top has a target down there. It the descending triangle has a target down there and every time you break a parabola in Bitcoin you have 80% correction plus. We’ve had 75%, 76%. Not that we have to have 80%, but we’ve had 80%.”
Brandt also says that based on traditional charting techniques, Bitcoin is likely to follow the downward momentum that preceded the current period of consolidation.
“The trend is down in Bitcoin and as a classic chartist I always believe that any period of consolidation or congestion will resolve in the direction that preceded that congestion. So my bet would have to be that we are most likely going to have some kind of washout to, even if it’s not necessary. We don’t need to have it, but I certainly wouldn’t bet the farm on Bitcoin at $18,000.”
Brandt says his price forecast will start to fall apart if Bitcoin rises above $20,000 and gains solid support above the $22,000 level.
“I certainly think that unless Bitcoin can really come up and consolidate above $20,000 again, we could see another leg down … I don’t think we’ll go to $11,000 or $12,000. I think $13,000 is probably a more realistic level…
As far as I’m concerned, until Bitcoin can really regain $22,000 and hold it, I see no reason why Bitcoin can’t slip back to $13,000.”
At the time of writing, Bitcoin is changing hands at $18,112.
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