Renowned trader allowed the possibility of the bitcoin price to decline to $12 700

Peter Brandt believes that we can not expect a new ATH until 2024

13.06.2022 - 12:35

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2 min

What’s new? Renowned trader and crypto analyst Peter Brandt analyzed the bitcoin price chart and admitted the probability of a decline in the asset’s value to $12 700. In this, he called the support level of the first cryptocurrency the range from $19 000 to $20 000. The analyst noted that reaching new all-time highs (ATH) before 2024 is almost impossible, but added that by then we can see “the famed “Drano” chart pattern.”

Unless Bitcoin $BTC can close above the May 31 high this chart could become a textbook example of the famed "Drano" chart pattern pic.twitter.com/X57mDNO5Qu— Peter Brandt (@PeterLBrandt) June 12, 2022

ATH (All-Time High) is the highest price a coin or token has reached since it hit the market.

As of June 13, 12:30 UTC, bitcoin is trading at $24 192, down in price by 12,48% in 24 hours, according to Binance.

On June 13, the bitcoin price dropped below $25 000. The asset lost 7,7% per day. The last time such a figure was seen was at the end of 2020.

Brandt previously stated that $27 000 is a local bottom for the first cryptocurrency’s price, from which a rebound could occur. He noted a surge in trading volumes on the BTC chart, which indicates capitulation. This process could mean the cessation of further price declines, according to the analyst.

In early June, Brandt said that the Ethereum price chart demonstrated the possibility of entering the market to make promising measured risk short trades.

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