Prominent trader warned about the decline of bitcoin to $28 000

Peter Brandt believes that the asset has been forming a pattern since mid-February, indicating an upcoming price drop

02.05.2022 - 14:15

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What’s new? Trader and Factor LLC CEO Peter Brandt has predicted a decline in the price of bitcoin to $28 000. In his view, this is indicated by the pattern that bitcoin has been forming since mid-February. Brandt noted that the completion of a “bear” channel usually leads to a decline equal to its width, and in this case, a drop in price to $32 000 or even $28 000. The expert stressed that such a prediction does not make him a “hater of bitcoin.” The trader wrote about this on Twitter.

Source: Twitter.com

Who is Peter Brandt? He is a cryptocurrency analyst and trader who has been working in the financial markets for over 40 years. He is the creator of Factor Trading, a service that provides expert reporting and analysis of asset value charts.

What happened before? In mid-April, the former CEO of the BitMEX exchange Arthur Hayes wrote on his blog that bitcoin and Ethereum could fall significantly in price by the summer of 2022. He predicted a drop in the BTC rate to $30 000 and ETH to $2 500. Hayes stated that his guesses were “a gut feeling” and also admitted that he had started buying “a number of altcoins.”

In late April, crypto analyst Benjamin Cowen said that the price of bitcoin could reach a lower low. In this regard, he stated the high risk of investing in altcoins. Cowen stressed that bitcoin dominance (the ratio between the market value of the first cryptocurrency and the rest of the cryptocurrency markets) was now at the same level as it was in 2018 when there was a massive collapse of the crypto market.

On May 2, bitcoin is trading at $38 975, having fallen in price by 0,08% over the week, according to Binance. The trading volume for the day was $25 billion and the market capitalization was $737,6 billion, according to CoinGecko.

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