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Legendary analyst Peter Brandt has given a bearish outlook for the Bitcoin price. He predicted that the price could crash to $78,000 and explained why he has such bearish sentiment.
Peter Brandt predicts that the price of Bitcoin will fall to $78,000
In one X messagePeter Brandt predicted that the Bitcoin price could fall to $78,000. This prediction came when he had a head and shoulders top pattern. The legendary analyst noted that a complete formation of this pattern could cause a price drop for this purpose. Brandt added that this pattern could fail in a thrust hire, or it could morph into something else.
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Peter Brandt stated that as it stands now, it is a head and shoulders pattern for Bitcoin price being treated for what it is. The legendary analyst isn’t the only one to put forward this bearish pattern for Bitcoin. Crypto analyst Aksel Kibar also emphasized a potential head and shoulders pattern that formed on the BTC chart.
The analyst indicated that this bearish pattern carries the risk of a Bitcoin price drop to $80,000. He also raised the possibility that this pullback would push the flagship crypto into the future broadening pattern that ended with a breakout above $73,600. However, the analyst suggested that this bearish pattern could still be refuted as it still needs to break below the neckline for this collapse to become a real possibility.
Crypto analyst Ali Martinez also recently created a bearish stance for the Bitcoin price. He stated that a drop below $93,600 could send the flagship crypto to $80,000 or even $70,000. On the other hand, he noted that BTC needs to break above $94,800 to confirm a price recovery.
How it could work out for BTC
In an X-post, crypto analyst Mikybull Crypto provided insight into how this could play out for the Bitcoin price. He stated that Bitcoin could experience a dump before heading into the first quarter of 2025, before the final rally to a cycle top. He added that 2025 will be more volatile than most market participants expect.
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The analyst’s accompanying chart showed that Bitcoin price could rise to a cycle top of around $130,000. Crypto analyst Jelle also recently predicted that BTC could reach $140,000 in the next three months. Despite Bitcoin’s current tepid price action, the analyst is confident the crypto will still soar much higher.
He stated that everything indicates that the Bitcoin price will be higher in a few months. The crypto analyst added that it doesn’t matter whether BTC falls to $87,000 or not in the meantime as it will still rise higher later.
At the time of writing, the Bitcoin price is trading around $93,600, down over 1% in the past 24 hours. facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
