Renowned trader predicted bitcoin price to rebound after hitting the $27 000 mark
Peter Brandt believes that this level could be decisive for the asset
12.05.2022 - 14:00
412
2 min
0
What’s new? Trader and analyst Peter Brandt sees $27 000 as a local bottom for the bitcoin price, from which a rebound could occur. A surge in trading volumes can be seen on the BTC chart, which indicates capitulation. This process could mean the cessation of further price declines, according to Brandt.
This is the type of volume spike that can indicate puke-out capitulation and the beginning of the end of the one-year decline. Can the carnage continue? Anything is possible -- and that includes a local bottom. I've mentioned 27,000 area as possible low, and that could be $BTC pic.twitter.com/FnzDn1PHgs— Peter Brandt (@PeterLBrandt) May 11, 2022
What is capitulation? It is when investors leave the market and sell off an asset at a loss because of a major collapse.
What else does Brandt say? He believes that the possibility of a price decline still remains because the “bearish” trend is quite strong:
“This is the type of volume spike that can indicate puke-out capitulation and the beginning of the end of the one-year decline. Can the carnage continue? Anything is possible — and that includes a local bottom.”
As of May 12, 16:30 Moscow time, bitcoin is trading at $28 613, having lost more than 3,7% of its value per day, according to Binance. In the last 24 hours, the total amount of asset liquidations in the cryptocurrency market has exceeded $978 million, according to Coinglass.
What events happened before? On May 1, Brandt predicted a decline in the price of bitcoin to $28 000. In his view, this was indicated by the pattern that bitcoin had 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 head of the brokerage firm Euro Pacific Capital Inc. Peter Schiff suggested that the price of bitcoin could fall below $10 000 if the rate of the first cryptocurrency continued to decline past the $30 000 mark.
Useful material?
Telegram 
Twitter Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Market
The company predicts that the rate of the first cryptocurrency will grow to $200 000 by the end of next year
Nov 11, 2024
Cryptocurrency rates
-
Bitcoin
$98 486
BTC
+1.03%
-
Ethereum
$3 367.31
ETH
+7.48%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.39
XRP
+22.72%
-
Dogecoin
$0.390656
DOGE
+1.52%
-
Cardano
$0.8602
ADA
+9.68%
-
Bitcoin Cash
$488.44
BCH
-5.46%
-
Polkadot
$6.06
DOT
+6.54%
-
Stellar XLM
$0.282293
XLM
+14.82%
-
Litecoin
$90.1
LTC
-0.36%