Technical analyst Peter Brandt pointed to a critical level for Bitcoin, which has lost momentum this week. The famous forecaster says that in case of a breakout, the bulls will also lose the weekly chart.
Peter Brandt predicts another drop in Bitcoin price
Bitcoin price has lost 12% since Tuesday. Crypto and equity markets were hit hard by the shocks ahead of the weekend. Bitcoin, which has been moving sideways and having a neutral feeling in recent months, was again in the middle of a sense of fear with the last drop.
As we have included in the analysis of Kriptokoin.com, the recent negative price movements bring the expectations of $ 20,000 to the agenda again. Technical analyst Peter Brandt, who is famous for his predictions, talked about a final support zone, which will be the stronghold of the bulls before that. According to Brandt, $24,800 will technically be the last level of hope…
The technical analyst who shared the chart above shows that BTC price is retesting the neckline on the inverted head-and-shoulder pattern. Therefore, he predicts that the BTC price will decline in the short term. Specifically, he warns that a close below $24,800 will hurt the daily and weekly charts. Bitcoin price is currently trading at $25,882.46, $1,000 above this level.
Peter Brandt is not alone, $25,000 is critical according to most analysts
Elsewhere, expert market analyst Rekt Capital points out that Bitcoin’s technical indicators are quite bearish. According to the analyst, the double top formation in question has been completed. Therefore, the BTC price may drop towards the $26,000 levels in the near future. This indicates that $26,000 is important as a resistance level rather than a support.
Current #BTC Double Top is complete
Question is: will it validate?
Weekly Close sub ~$26000 (orange) would offer 1st confirmation of a breakdown from the Double Top
Turn ~$26000 into resistance afterwards?
That would fully confirm a bearish breakdown$BTC #Crypto #Bitcoin https://t.co/EgY77zDBRb pic.twitter.com/g41QC0X5qr
— Rekt Capital (@rektcapital) August 18, 2023
Famous crypto analysts CrediBULL Crypto, Crypto Tony and Crypto Birb are looking for new opportunities after the bearish wave. Analysts say that the $25,000 zone would be suitable for buying Bitcoin. Meanwhile, CrediBULL Crypto predicted that Bitcoin will rise again without falling to $25,000. The analyst states that a similar market correction has occurred before. Therefore, he says, BTC may show similar moves before reaching the ATH level.
$24,800 will be the last stronghold of the bulls
Peter Brandt said, “The drop in Bitcoin once again tests the neckline in the underlying reverse H&S. A close below 24 at 800 would damage the daily and weekly charts. He underlined that crypto bulls must protect these levels.
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