Peter Brandt Says Bitcoin May Drop To $13k

The famous predictor of the 2018 crypto winter, Peter Brandt, has made another prediction. According to Brandt: 

“Bitcoin will keep falling to $13k if it fails to reclaim the $32k region.”

Additionally, it is worthy to say that Brandt has over 50 years of experience. He is among the famous analyst in the crypto community after his 2018 prediction.

Last week, while talking about the crypto market, Brandt published his market analysis on Twitter. Unfortunately, it forecasts more doom for the crypto community.

Will Bitcoin Hit $13k?

November 2020 was the last time BTC traded in the $13k region. This was when the currency was showing signs of an upward trend. 

When the currency recovered, it skyrocketed by over 400%, hitting an ATH of $69k in 2021. As reported by CoinGecko, the flagship crypto has been following a downward trend. It has dropped by over 70% since its ATH in 2021.

However, most analysts believe that it will increase soon after it came close to $20k. Unfortunately, Brandt predicts it will keep falling to the $13k mark.

The Drano Chart Pattern

In technical analysis, many consider the double top a huge reversal pattern. This explains the sharp decline that Bitcoin experienced recently. 

According to Brandt, he earlier predicted that this pattern has a huge chance of occurring. His prediction stated that it would drop if BTC did not recover past the $32k mark. 

At the beginning of June, Bitcoin failed to reclaim the $32k level, and the entire market crashed. The present chart is a perfect example of a “Drano chart pattern.”

Another crypto enthusiast who believes Bitcoin will continue to decline is Arthur Hayes. Hayes is the former CEO of BitMEX. He predicted that if BTC loses support at $20k, all forms of analysis will become useless. 

“The only hope left will be for crypto investors to pray that Mr Satoshi intervenes,” he added.

Peter Brandt Says Bitcoin Will Rise In 2024

According to the famous analyst, the present crypto winter will last for months. Fortunately, the crypto winter will end before 2024. Brandt notes that Bitcoin’s price will skyrocket in 2024.

Meanwhile, Brandt believes the price of Bitcoin will be in an upward trend before then. Brandt is not the only crypto enthusiast looking forward to 2024.

Du Jun, the owner of the Huobi crypto exchange, is also bullish on Bitcoin in 2024. He argues the upcoming Bitcoin halving will lead to a major uptrend in the crypto market.

Currently, the crypto market is bleeding, and most crypto holders are selling their holdings. 2022 which many predicted as a bullish run for crypto, has turned into a bloodbath.