Bitcoin Price Can Crash 80% to $25,240 Says Peter Brandt
The post Bitcoin Price Can Crash 80% to $25,240 Says Peter Brandt appeared on BitcoinEthereumNews.com.
Key Notes Brandt stated that past violations of similar structures have led to declines of nearly 80%. Bitcoin continues to struggle below key resistance at $93,000, with selling pressure largely coming from retail investors. Investors remain on edge amid key macro events this week, including US CPI data for November and the Bank of Japan’s rate hike decision. Despite Fed rate cuts and the end to quantitative tightening (QT), Bitcoin BTC $89 866 24h volatility: 0.3% Market cap: $1.79 T Vol. 24h: $35.09 B price has been under strong selling pressure and trading under $90,000 once again. This week will be crucial with the announcement of the US CPI numbers for November, as well as the Bank of Japan’s rate hike decision. Peter Brandt Predicts Bitcoin Price Crash Veteran trader Peter Brandt warned that Bitcoin may be entering a deeper correction, based on historical market cycles. Brandt noted that Bitcoin bull cycles have typically followed parabolic advances. However, once BTC broke the parabolic trend, the Bitcoin price crashed by nearly 80% from the peak. Bitcoin breaks under parabolic trend | Source: Peter Brandt According to Brandt, the current parabolic structure has now been violated, as shown in the image above. This further raises the risks of a substantial drawdown. Based on historical behavior, Brandt suggested that a decline of roughly 80% from Bitcoin’s all-time high would imply a price level near $25,240. The majority of the selling pressure in BTC has been coming from retail investors. Bitcoin price has been facing strong rejection at $93,000, with bulls failing to break past it. Over the week, BTC has once again slipped under the $90,000 level and is testing support at $88,000. Despite this, some market experts continue to be bullish about BTC. Market analyst Captain Faibik said that a Bitcoin price…
