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Legendary analyst Peter Brandt has provided a bearish outlook for the price of bitcoin. He predicted that it could fall to $78,000 and explained why he has such a bearish sentiment.
Peter Brandt predicts bitcoin price drop to $78,000
in a <a target="_blank" href="https://x.com/PeterLBrandt/status/1873449350371615171″ rel=”nofollow”>x publicationPeter Brandt predicted that the price of bitcoin could fall to $78,000. This prediction came when he revealed a head and shoulders top pattern. The legendary analyst noted that a complete formation of this pattern could cause the price to drop to this target. Brandt added that this pattern could fail with a “push hire” or could morph into something else.
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Peter Brandt stated that as it stands now, it is a top pattern for bitcoin price treated as is. The legendary analyst is not the only one who has raised this bearish pattern for bitcoin. Cryptographic analyst Aksel Kibar also highlighted a potential head and shoulders pattern that formed on the btc chart.
The analyst indicated that this bearish pattern put the price of bitcoin at risk of falling to $80,000. He also raised the possibility that this pullback could push the flagship cryptocurrency to the magnification pattern which was completed with a break above $73,600. However, the analyst suggested that this bearish pattern may still be invalidated as it still needs to break above the neckline before this breakout becomes a real possibility.
Cryptographic analyst Ali Martinez He also recently provided a bearish setup for bitcoin price. He stated that a drop below $93,600 could send the flagship cryptocurrency to $80,000 or even $70,000. On the other hand, he commented that btc needs to exceed $94,800 to confirm a price rebound.
How it could work for btc
In a post x, crypto analyst <a target="_blank" href="https://bitcoinist.com/bitcoin-rare-buy-signal-130000/” rel=”nofollow”>Mikybull crypto provided information on how it could affect the price of bitcoin. He stated that bitcoin could experience a decline before heading into the first quarter of 2025 before the final rally to the top of the cycle. 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 high of around $130,000. <a target="_blank" href="https://bitcoinist.com/bitcoin-dominance-breakdown-confirmed-the-next-altseason-is-right-around-the-corner/” rel=”nofollow”>Jelle crypto Analyst He 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 that the cryptocurrency will continue to rise much higher.
He stated that everything indicates that the price of bitcoin will increase in a few months. The crypto analyst added that it doesn't matter if btc falls to $87,000 in the meantime or not, as it will still rise later.
At the time of writing, bitcoin price is trading at around $93,600, a drop of more than 1% in the last 24 hours, according to <a target="_blank" href="https://coinmarketcap.com/currencies/bitcoin/” rel=”nofollow”>data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
