Popular trader Peter Brandt predicts that Bitcoin (BTC) will drop to $13,000. Peter Brandt seems to be heavily bearish on cryptocurrencies lately. He predicted that Bitcoin had crossed some levels.
$13,000 Bitcoin prediction from Peter Brandt
The Bitcoin market is still bleeding. The top cryptocurrency has been experiencing downward pressure for days. Over the weekend, the entire crypto market opened the week low. They had great difficulty. Many cryptos have experienced double-digit drops in prices. BTC was no exception. Its price fell from highs of around $29,000-$33k to lows of $22,000-$23k in a week. Interestingly, traders like Peter Brandt predicted bearish action for other cryptocurrencies like BTC and Ethereum. Now Peter is back with another prediction, this time with even more upsetting comments for Bitcoin holders.
In his latest tweet, Peter’s analysis decides a BTC value of $13,000 in the near future. He identifies the BTC double top mentioned in the charts as a major catalyst for the bearish action. First, a double top on crypto charts is a strong bearish move that indicates an impending technical reversal. A double top happens when the price of an asset reaches two consecutive highs and then declines moderately between the two points. The bearish sentiment is confirmed when the support level drops below the smaller high.
As we reported yesterday as Kriptokoin.com, Brandt, in another analysis, thinks that if BTC fails to close above the high of May 31, it will fall seriously. Otherwise, the coin could decline to the $12,700 level.
Winter has arrived in the crypto market
A large number of analysts and traders have long been anticipating a crypto winter similar to the challenging 2019-2020 period. This could be part of the market’s bearish cycle before the bullish cycle was triggered by BTC’s halving. However, the crypto market is a volatile environment and things can change at any time. At the time of this writing, bears seem to dominate the BTC market. The coin is currently trading at around $22.9k, with a 45% market dominance and a total market cap of $430.3 billion.
Most of the rest of the crypto market is also in the red zone. While the overall cryptocurrency market cap was $1.5 trillion last week, it is currently struggling to stay above $1 trillion. While BTC is down 7.5% in the last 24 hours, cryptocurrencies such as Ethereum, Cardano, BNB, SOL and DOT are trading on the green board. However, their losses in the last 7 days are over 20 percent.
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