Bitcoin could fall to $24,800, prominent trader warns

After a good start to the first half of the year, sentiment towards Bitcoin (BTC) appears to be turning slightly more negative. The risk that the world’s largest cryptocurrency will fall back to the price level of early summer is increasing. According to successful technical analyst Peter Brandt, this is exactly what will happen.

Will Bitcoin Price Keep Falling?

Peter Brandt is an active trader who makes his strategies, which are almost always based on technical analysis, available to his followers via his own service. Now he is warning that the price could fall further than this week’s low.

He sees the racing formation from last summer until today as a big whole inverted head shouldersPattern that usually breaks out to the upside. Following the lessons of technical analysis, the price could then surge above last summer’s levels. However, the price has since broken a key trendline, suggesting that the price could also drop to the neckline of this pattern at $24,800.

Then close the price below this level.That would have devastating effects on the daily and weekly charts,” Brandt warns. He does not say what price level he sees as the price target. In any case, last winter’s low was around $15,700. For a further decline, we would need a close below $24,800, Brandt points out.

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But Bitcoin is an international asset that trades 24 hours a day, so the asset basically has no real closing price. By that he meant midnight in the UTC time zone, he replied to one of his observant followers. It is then 2 hours past midnight in the Netherlands.

Analyst forecasts the crypto market

The dealer is also regularly right, as the past shows. At the end of last year he was bullish on bitcoin, and now the price is higher than its original entry point. However, shortly after voicing his opinion, the market suffered the crash caused by FTX.

He, too, has been wrong in the past. In March 2022, he thought the price would go even higher when it had just peaked. So every analyst sometimes makes a mistake. He also believes that the Bitcoin halving will not be relevant to the price, which many other analysts disagree with.

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