Peter Brandt, an experienced futures trader with nearly 50 years of trading experience, reviewed his analysis of Bitcoin on May 1, 2022. He predicted freefall for the world’s largest cryptocurrency by market cap. The senior analyst predicted a week ago that BTC would fall further until it hits $28,000. Here is Brandt’s new prediction
Analyst: Bitcoin will either go below $28,000 or stay above $30,000
Brandt, who seems to have reanalyzed his previous analysis, $28,000 BTC He suggested that investors believe that one of two key moves can be made in the coming days, after the price is widely accepted as a bearish target. According to Brandt, the first move could show BTC staying above the $30,000 price level, while the second move could show Bitcoin falling below $28,000.
Now that 28,000 is so widely accepted as downside target I am forced to change my view. Either price holds above 30,000 or tanks through 28,000
— Peter Brandt (@PeterLBrandt) May 8, 2022
On early May 2nd, Peter Brandt declared that he is not a Bitcoin enemy, but he said that BTC will drop. He said that the BTC price could decline until it reaches $28,000. By the way, as we have also reported as Kriptokoin.com, it has been in a significant downward trend since last week, after the US Federal Reserve (FED) started an interest rate hike to reduce inflation in the US economy. BTC, which rose to around $40,000 after the Fed announced a rise in interest rates, dropped almost 10 percent to $33,200 earlier today.
Selling pressure in BTC
The collapse in BTC prices put more pressure on investors as they had to convert their Bitcoin holdings into stablecoins. According to cryptocurrency analyst Ali Martinez, Bitcoin’s latest selling push came from 47 whale addresses holding at least 1,000 BTC or more. These addresses have consistently sold or redistributed their BTC holdings since May 2, 2022.
Interesting bullish divergence on #Bitcoin.
And the strange heavy orders previously.
Seems to be that we're going to have some upwards momentum here. pic.twitter.com/ApLCSkfpqQ
— Michaël van de Poppe (@CryptoMichNL) May 8, 2022
Bitcoin is currently trading around $33,725 in hours to print . At this price level, analyst Michaël van de Poppe noted an interesting bullish divergence in BTC, where there is a heavy buy order of around $34,000. Sharing a different opinion from Brandt, Poppe predicted that BTC could have some upside moves around $34,000.
