Legendary Trader Peter Brandt Forecasts Major Move for Bitcoin (BTC) Heres His Target

Veteran analyst and technical trader Peter Brandt said of Bitcoin (Bitcoin) may be gearing up for a big move after months of quiet consolidation.

In a new YouTube strategy session with trader Tone Vays, Brandt To tell Bitcoin technicals suggest a ‘washout’ of nearly 30% below the current price.

Brandt, who predicted Bitcoin’s collapse after the 2017 bull market, said last year’s formation of a large double top in BTC was a strong omen of another drop before a reversal.

Given Bitcoin’s double top, the fact that it broke the parabola in 2021, and the descending triangle, all of this has a target around $13,000. The double top has a target there. The downward triangle has a target. , and if you break the parabola with bitcoin, you get an 80% correction plus, it was 75% or 76%, it’s not like you have to have 80%, but you have 80%. “

Brandt also said that based on traditional charting techniques, Bitcoin is likely to follow the downward momentum that preceded the current consolidation period.

Bitcoin is trending downwards and as a classical chartist I always believe that any period of consolidation or congestion will resolve in a direction that precedes that congestion. My bet is that a washout of sorts is most likely to happen.

Brandt says his price prediction will start to collapse if Bitcoin rises above $20,000 and gains solid support above $22,000.

Certainly, unless Bitcoin stabilizes above $20,000 again I dont think it will hit $11,000 or $12,000. $13,000 is probably more realistic. I think the level…

As far as I’m concerned, I don’t see any reason why Bitcoin can’t go down to $13,000 until it really regains $22,000 and can hold onto it.

Bitcoin is trading at $18,112 at the time of writing.

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Featured image: Shutterstock/Ilya_Levchenko