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Gloomy Bitcoin Price Prediction Released by Legendary Trader
Gamza Khanzadaev
Bitcoin Could Hit $44,000, Says Legendary Trader Peter Brandt
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Bitcoin (BTC) started the new week on a down note, briefly falling to $54,260 before recovering with a 3% gain to $57,500. Despite this rebound, Bitcoin is still down over 8.4% since the start of the month, reflecting cautious market sentiment.
The Fear and Greed Index continues to show fear among market participants, highlighting the importance of paying attention to influential market experts.
One such expert, trading legend Peter Brandt, who has been in the markets since the 1970s, recently weighed in on Bitcoin’s price action. Brandt raised the possibility that Bitcoin may have completed a double top pattern, suggesting a potential low target of $44,000.
A double top pattern is a bearish technical reversal pattern that typically signals a medium- to long-term trend change from bullish to bearish. It forms when an asset’s price peaks, retraces, then rises to a similar level before falling again.
Brandt’s analysis was supported by a Bitcoin Price chart, where he projected his expectations. The level of around $44,000 was clearly marked, indicating a significant downside risk if the double top pattern is confirmed.
However, Brandt’s outlook is not entirely bearish. He acknowledged that for a true double top formation, the depth of the “top” of BTC should be about 20% of the price, while the current depth is only about 10%.
This nuance suggests that the double top pattern may not fully meet the technical criteria, which could indicate that the bearish scenario may not materialize.
About the author
Gamza Khanzadaev
Financial analyst, trader and cryptocurrency enthusiast.
Gamza graduated with a degree in finance and credit with a focus on securities and financial derivatives. He then completed a master’s degree in banking and asset management.
He wants to contribute to the discussion of economic and fintech topics, as well as inform more people about cryptocurrencies and blockchain.