The legendary trader with almost 50 years of experience has predicted a potential reversal for Bitcoin, to drop below $30,000. The trader suggested that the drop below the ascending channel may happen during the next reversal.
The trader used quite a common pattern that Bitcoin has been forming since the middle of February. The completion of the channel usually results in a decline equal to the width of the channel, as Brandt suggests.
The completion of a bear channel typically results in a decline equal to the width of the channel, or in this case a hard test of 32,000 or so — my guess is 28,000
This does NOT make me a hater $BTC pic.twitter.com/tTtuALZvSt
— Peter Brandt (@PeterLBrandt) April 30, 2022
According to the daily BTC chart, it has already fallen from the channel and is now in free fall as no significant support zones were formed on its way down. Some traders and investors are betting on a reversal at approximately $35,000.
Brandt has not chosen $28,000 randomly, as it is the price that would be reached after a decline equal to the range in which Bitcoin moved previously. Unfortunately, Bitcoin is still following tech stocks and the U.S. market.
Unfortunately, Bitcoin still remains in a sharp downtrend even after the most recent reversal to $47,000, during which it broke down from the ascending channel, causing a switch in the cryptocurrency’s sentiment market.
At press time, Bitcoin is trading at $37,980 and gaining a few percentage points to its value, which should not be considered a significant price increase or a fundament for a reversal.