Bitcoin bulls are eyeing $46,000, while behind the scenes Terra continues to buy BTC. The leading cryptocurrency touched $44,587.89 on March 25, narrowing the gap to $1,000 with a monthly high of around $45,330. Peter Brandt, known for his accurate Bitcoin predictions, thinks that although Bitcoin is making up for its multi-month losses, it is in a period of stagnation.
Peter Brandt updated his analysis of Bitcoin
A veteran analyst known to have accurately predicted Bitcoin’s big crash in 2018, despite wide fluctuations for months, says BTC is truly a “historical bull”. thinks it is in the market. In a recent interview with StockCharts, Peter Brandt claims that Bitcoin has stalled after it has risen 17x since the March 2020 meltdown triggered by the Covid-19 pandemic:
Bitcoin is trading in a wide range. you are aware. In the middle of a historically strong bull market. I’ve been trading for 47 years and have never seen anything like Bitcoin’s bull market. But you know we deserve to be in a trading range here because the market jumped 17x from the March 2020 low to the April 2021 high. As a result, we take a break.
According to the senior analyst, Bitcoin will exit the trading range “for a while” and recover aggressively. Also a pause period is confirmed by the current price movements:
I hope we will exit this trading range and experience another big spike in Bitcoin sometime soon. But for now, we’re stuck in the mud.
“BTC price may drop to $28,000”
On the downside, the seasoned analyst believes BTC could drop below $28,000, which could lead to a complete capitulation. Brandt continues with:
We could drop to $28,000 and really explore the lower end of this trading range, or even look below to see if there are any panic selling.
However, Brandt adds that in the long run Bitcoin will continue to rise:
We’ve been here for a year and we’re in a wide trading range for that time. Bitcoin (BTC) has not gained in value for over a year. However, I believe the long-term trend is to the upside. The trend is on the investors’ side.
As we have covered in Cryptokoin.com analysis, this week’s closing is quite critical according to analyst Rekt Capital.
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