Bitcoin (BTC) Faces Critical Decision: Will Bears or Bulls Prevail?
Bitcoin (BTC) is at a crucial juncture, with seasoned analyst Peter Brandt warning of a possible bearish scenario if the price drops below $65,000.
Amidst the volatility triggered by US CPI and PPI data, as well as the recent FED interest rate announcement, Bitcoin saw a rollercoaster ride from approaching $70,000 to a drop to $67,000.
Investors are now anxiously awaiting the outcome, with Brandt, who accurately predicted Bitcoin’s fall to $16,000 in 2022, suggesting that a further decline is possible.
Brandt’s forecast indicates that a breach of the $65,000 level could lead to a drop to $60,000 or even $48,000. He also noted that surpassing $65,000 could still result in a drop to $60,000, potentially followed by a 20% correction to $48,000.
Despite the bearish outlook, Brandt hinted at a potential reversal, advising investors to monitor the weekly close, particularly focusing on the $66,000 level. A close below $66,000 and a breach of $65,000 could push Bitcoin towards $60,000.
However, Brandt also acknowledged the likelihood of a bullish reversal from $60,000. As of the latest update, Bitcoin is trading at $67,043.
In a tweet, Brandt emphasized the importance of technical analysis, suggesting that a break below $65,000 could lead to a drop to $60,000 and further down to $48,000.
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