As Bitcoin price trades above the $27,000 price level, iconic trader Peter Brandt released a new prediction before.
The trader believes that another drop in price is needed before BTC can climb higher. Nevertheless, Brandt calls this price prediction a gamble, adding that gamble is the best he can offer.
Brandt told his followers to run and protect their assets from anyone who was dogmatic about his price analysis.
“…If someone is dogmatic about their genius, turn around and run, protect your wallet,” He wrote.
Major BTC price breakout may be imminent
Bitcoin has been trading bearish for the past few days, with the price dropping 0.8% in the past 24 hours.
Although BTC closed with a slight price increase on May 21, the asset remains below its primary pivot point and is trading at $27,132 at the time of writing.
According to facts by notable blockchain analytics company Glassnode, Bitcoin registered a price range of 3.4% over the past seven days. The data confirms that the number one crypto asset is experiencing one of its tightest periods in the past three years.
According to the analytics company, the current price movement corresponds to the bearish trading recorded in January 2023 and July 2020.
These two intervals preceded major market moves, suggesting high volatility is likely near, Glassnode added. This observation aligns with Brandt’s latest prediction, in which he claims that Bitcoin would rise higher after another shakeout.
Meanwhile, Brandt isn’t the only analyst who thinks a price breakout, after some pullback, is on the horizon.
Crypto analyst Carl van de Maan had spotted a symmetrical triangular pattern, indicating consolidation. Carl highlighted a target of 25,000 or $29,000 depending on the direction of the price breakout.
Rising Bitcoin transaction fees spell foul play for potential bull runs
While technical indicators point to a major price move for Bitcoin, Glassnode’s recent reports noted that the rising network fee is driving the market down.
BTC transaction fees have skyrocketed as the Bitcoin network faces congestion due to massive unconfirmed transactions.
According to reportsthe network congestion was due to the increased number of coins and transfers of Ordinal NFTs and BRC20 tokens.
The network was flooded with transactions, leading to node overload and an overwhelming backlog of unconfirmed transactions.
This issue slowed down the transaction speed and caused an increase in transaction costs. It has also stopped users from making Bitcoin transactions, reducing transfer volumes.
As of May 20, the total transfer volume in the Bitcoin network had dropped to $2.73 billion per day. That is a considerably lower throughput than the over 15 trillion registered during the 2021 bull market.
-Featured image from Pexels, chart from TradingView
