Bitcoin (BTC) is currently at a critical juncture, with conflicting signals from bears and bulls. A seasoned analyst who accurately predicted the 2022 market bottom has now presented a possible bearish scenario for Bitcoin’s future.
Peter Brandt warned that if Bitcoin’s price drops below $65,000, it could potentially plummet to $60,000 or even $48,000. The recent volatility in Bitcoin’s price was influenced by the release of US CPI and PPI data, as well as the Federal Reserve’s interest rate decision.
After initially surging towards $70,000 on positive data, Bitcoin retreated to $67,000 following the Fed’s announcement. Brandt’s prediction has left investors on edge, as he foresees a further decline if Bitcoin fails to hold above the $65,000 mark.
While Brandt emphasized the importance of monitoring the weekly close, he also hinted at a potential price pump from the $60,000 level. Currently trading at $67,043, Bitcoin’s future trajectory remains uncertain as investors brace for potential price corrections.
Brandt’s analysis suggests that a breach of $65,000 could lead to a drop to $60,000, followed by a further decline to $48,000. Investors are advised to stay vigilant and closely monitor Bitcoin’s price movements for potential trading opportunities.
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