Popular Trader Peter Brandt Sees Bitcoin Falling To $13k – Is It Happening?
Peter Brandt has been largely bearish on cryptos of late and has predicted some levels that have come to pass.
The Bitcoin market is still bleeding. The top coin has been experiencing downward pressure for days now. The weekend was the ultimate drag as the entire crypto market opened the week on a low level. Lots of cryptos have shed prices by double-digit magnitudes. BTC is no exception. Its price has crashed from the highs of around $29k – $33k to the lows of $22k – $23k within a week.
Interestingly, traders like Peter Brandt had predicted a bearish move for BTC and other cryptos like Ethereum. Now, Peter is back with another prediction, and this time, it’s even more painful for Bitcoin holders.
In his recent tweet, Peter’s analysis settles on a $13k BTC value in the near future. He identifies the BTC double top indicated in the charts as a major catalyst for the bearish move.
The massive double top counts to around 13,000 https://t.co/lxOXTPTxkg pic.twitter.com/C9k8F0PqK4
— Peter Brandt (@PeterLBrandt) June 14, 2022
BTC Showing A Double Top
First, a double top in crypto charts is a strongly bearish move indicating an impending technical reversal. A double top happens when an asset’s price hits two highs consecutively and then goes on a moderate decline between the two points. The bearish sentiment is confirmed when the support level drops below the smaller high.
Yesterday as reported by TheCryptoBasic In another analysis, Peter opines that BTC is headed down heavily unless it can close above the May 31 high. If not, the coin could be headed down to the $12,700 level.
Crypto Winter Is Here
Granted, numerous analysts and traders have long awaited a crypto winter similar to the 2019-2020 tough period. This could be part of the market’s bearish cycle before the bullish cycle is triggered by BTC’s halving. However, the crypto market is a volatile environment and things can change anytime.
At the time of this writing, the bears seem to have the upper hand in the BTC market. The coin is currently trading at around $22.9k, with a market dominance of 45% and $430.3 billion in total market cap. Most of the rest of the crypto market is also in the red zone.