A legendary analyst Peter Brandt has given a bearish outlook for the price of Bitcoin. He predicted it could drop as low as $78,000 and explained why he feels so strongly.
Peter Brandt predicts Bitcoin price drop to $78,000
In the X postPeter Brandt predicted that the price of Bitcoin could fall to $78,000. This prediction came as it appeared head and shoulders high pattern. The legendary analyst said that the complete formation of this pattern could cause a price breakdown for this target. Brandt said this pattern could fail with “thrust hiring,” or it could turn into something else.
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Peter Brandt said that as of now, it is a major head and shoulders pattern for the price of Bitcoin to be treated for what it is. The legendary analyst is not the only one who picked up this bearish pattern for Bitcoin. Crypto analyst Aksel Kibar also picked up a possible head and shoulders pattern formed on the BTC chart.
The analysis indicated that this bearish pattern put the Bitcoin price at risk of falling to $80,000. He also raised the possibility that this withdrawal would bring the main crypto back to the expansion pattern which ended with a breakout above $73,600. However, the analyst suggested that this bearish pattern may still be invalid as it still needs to break below the neck before this break becomes a real possibility.
Crypto analyst Ali Martinez has also recently given a bearish stance for the price of Bitcoin. He said a drop below $93,600 could send the major crypto to $80,000 or even $70,000. On the other hand, he said BTC needs to break above $94,800 to confirm a price reversal.
How it could play out for BTC
In post X, crypto analyst Mikybull Crypto gave insights into how it could play out for the price of Bitcoin. He said that Bitcoin could experience a dump before heading to Q1 2025 before the final rally to a cycle top. He said 2025 will be more volatile than most market participants expect.
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The analyst's accompanying chart showed that the price of Bitcoin could rally to the top of a cycle around $130,000. The Jelle crypto analyzer also recently predicted that BTC could reach $140,000 in the next three months. Despite the tepid price action of Bitcoin at the moment, the analyst is sure that the crypto will continue to rally much higher.
He said that everything points to a higher Bitcoin price a few months from now. The crypto analyst said that it doesn't matter if BTC falls to $87,000 in the meantime or not, because it will still rally higher later.
At the time of writing, the price of Bitcoin is trading at around $93,600, down more than 1% in the last 24 hours, according to data from CoinMarketCap.
Featured image created by Dall.E, chart from Tradingview.com
