Peter Brandt, an experienced futures trader with nearly 50 years of trading experience, reviewed his analysis of Bitcoin on May 1, 2022. He predicted freefall for the world’s largest cryptocurrency by market cap. The senior analyst predicted a week ago that BTC would drop further until it hits $28,000. Here is Brandt’s new forecast
Analyst: Bitcoin will either fall below $28,000 or stay above $30,000
Seemingly reanalyzing his previous analysis, Brandt said that $28,000 BTC price is broad as the downside target. He suggested that after the widespread adoption, investors believe they can make one of the two fundamental moves in the coming days. According to Brandt, the first move could show BTC staying above the $30,000 price level, while the second move could show Bitcoin falling below $28,000.
At the beginning of May 2, Peter Brandt declared that he is not a Bitcoin enemy, but he said that BTC will drop. He said that the BTC price could decline until it reaches $28,000. By the way, as we have also reported as Kriptokoin.com, it has been in a significant downward trend since last week, after the US Federal Reserve (FED) started an interest rate hike to reduce inflation in the US economy. BTC, which rose to around $40,000 after the Fed announced a rise in interest rates, dropped almost 10 percent to $33,200 earlier today.
Selling pressure on BTC
The collapse in BTC prices put more pressure on investors as they had to convert their Bitcoin holdings into stablecoins. According to cryptocurrency analyst Ali Martinez, Bitcoin’s latest selling push came from 47 whale addresses holding at least 1,000 BTC or more. These addresses have consistently sold or redistributed their BTC holdings since May 2, 2022.
Bitcoin is currently trading around $33,725 in hours to print . At this price level, analyst Michaël van de Poppe noted an interesting bullish divergence in BTC, where there is a heavy buy order of around $34,000. Sharing a different opinion from Brandt, Poppe predicted that BTC could have some upside moves around $34,000.
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