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Legendary Analyst Pierre Brandt provided a bearish outlook for the price of Bitcoin. He predicted that the price could drop as low as $78,000 and explained why he had such bearish sentiment.
Peter Brandt predicts Bitcoin price drop to $78,000
In a MessagePeter Brandt predicted that the price of Bitcoin could fall to $78,000. This prediction came as he revealed a head and shoulders superior pattern. The legendary analyst noted that a complete formation of this trend could lead to a price breakout from this target. Brandt added that this model could fail with “push hiring,” or it could morph into something else.
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Peter Brandt said that as it stands, this is a head and shoulders model for the price of Bitcoin treated for what it is. The legendary analyst is not the only one to have mentioned this bearish trend for Bitcoin. Crypto analyst Aksel Kibar also emphasized a potential head and shoulders pattern that has formed on the BTC chart.
The analyst indicated that this bearish trend puts the price of Bitcoin at risk of falling to $80,000. He also raised the possibility that this withdrawal would push the flagship crypto towards the enlargement model this ended with a break above $73,600. However, the analyst suggested that this downtrend may still be invalidated as it still needs to break through the neck level before this breakout becomes a real possibility.
Crypto analyst Ali Martinez also recently provided a bearish setup for Bitcoin price. He said 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 surpass $94,800 to confirm a price rebound.
How could this play out for BTC
In a post Mikybull Crypto provided insight into how this could impact the price of Bitcoin. He said Bitcoin could see a decline 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 attached chart shows that the Bitcoin price could rally back to a cycle high of around $130,000. Jelle, crypto analyst also recently predicted that BTC could reach $140,000 in the next three months. Despite the current lukewarm price of Bitcoin, the analyst is convinced that the crypto will still bounce much higher.
He said that everything indicates that the price of Bitcoin will be higher in a few months. The crypto analyst added that it doesn’t matter whether BTC drops to $87,000 in the meantime or not, because it will rise even higher later.
At the time of writing, the price of Bitcoin is trading at around $93,600, down more than 1% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
