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Peter Brandt Predicts $28,000 for Bitcoin

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Sun, 05/01/2022 - 14:45
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Arman Shirinyan
Legendary trader aims at $28,000 after first cryptocurrency falls below channel
Peter Brandt Predicts $28,000 for Bitcoin
Cover image via stock.adobe.com

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The legendary trader with almost 50 years of experience has predicted a potential reversal for Bitcoin, to drop below $30,000. The trader suggested that the drop below the ascending channel may happen during the next reversal.

The trader used quite a common pattern that Bitcoin has been forming since the middle of February. The completion of the channel usually results in a decline equal to the width of the channel, as Brandt suggests.

According to the daily BTC chart, it has already fallen from the channel and is now in free fall as no significant support zones were formed on its way down. Some traders and investors are betting on a reversal at approximately $35,000.

Brandt has not chosen $28,000 randomly, as it is the price that would be reached after a decline equal to the range in which Bitcoin moved previously. Unfortunately, Bitcoin is still following tech stocks and the U.S. market.

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Unfortunately, Bitcoin still remains in a sharp downtrend even after the most recent reversal to $47,000, during which it broke down from the ascending channel, causing a switch in the cryptocurrency's sentiment market.

At press time, Bitcoin is trading at $37,980 and gaining a few percentage points to its value, which should not be considered a significant price increase or a fundament for a reversal.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.