'Minimum Target Is $44,000': Grim Bitcoin Price Prediction Issued by Legendary Trader
07/08/2024 17:43
Bitcoin may be headed for $44,000, claims legendary trader Peter Brandt
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Bitcoin (BTC) began the new week on a downtrend, falling briefly to $54,260 before recovering with a 3% gain to $57,500. Despite this rebound, Bitcoin is still down more than 8.4% since the beginning of the month, reflecting cautious market sentiment.
The Fear and Greed Index continues to show fear among market participants, highlighting the importance of paying attention to influential market experts.
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One such expert, trading legend Peter Brandt, who has been in the markets since the 1970s, recently weighed in on Bitcoin's price action. Brandt raised the possibility that Bitcoin may have completed a double top pattern, suggesting a potential minimum target of $44,000.
A double top pattern is a bearish technical reversal pattern that typically signals a medium to long-term trend change from bullish to bearish. It is formed when the price of an asset peaks, retraces, then rises to a similar level before falling again.
Brandt's analysis was supported by a Bitcoin price chart, where he projected his expectations. The level of around $44,000 was clearly marked, indicating significant downside risk if the double top pattern is confirmed.
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However, Brandt's outlook is not entirely bearish. He acknowledged that for a true double top formation, the depth of the "top" of BTC would need to be around 20% of the price, while the current depth is only around 10%.
This nuance suggests that the double top pattern may not fully meet the technical criteria, which may indicate that the bearish scenario may not materialize.