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Legendary Trader Peter Brandt Says Bitcoin Could Crash To $44,000, Here’s Why
Veteran trader Peter Brandt has raised the possibility of Bitcoin dropping to as low as $44,000. He predicted this could happen based on a technical indicator that paints a bearish outlook for the flagship crypto.
Why Bitcoin Could Drop To $44,000
Brandt predicted in an X (formerly Twitter) post that Bitcoin could drop to as low as $44,000 if the flagship crypto has completed a double top. A double top is a bearish pattern that indicates that BTC could witness a severe reversal to the downside, having hit two consecutive peaks and a moderate decline between them.
Based on Brandt’s chart, the flagship crypto may have completed a double top. However, another analyst, JK, responded to Brandt’s post, noting that the depth of the top in Bitcoin is around 10% of its price. Based on this, JK suggested that it is unlikely that Bitcoin formed a double top since Richard Schabacker (one of the greatest analysts) said that 20% and not less is required for a true double top to form.
Brandt seemed to agree with JK’s reasoning, suggesting that it was also possible that a double top hasn’t been completed and that Bitcoin could witness a bullish reversal from its current price range. Some other analysts also shared their thoughts in response to Brandt’s post. One of them, Colin, mentioned that he doesn’t think that was a double top for Bitcoin.
Colin added that there was too much strength on these two bounces off the lower ranges and back into the channel to assume a double top. Instead, he believes that Bitcoin’s recent price action is currently an accumulation and not a distribution range.
Based on Schabacker’s analysis, another analyst, Chartvist, also explained why it is unlikely that BTC has formed a double top. The analyst mentioned that the volume profile is not in line with the technical of a double top as there is usually a high volume for the first peak and a low volume for the second peak.
How BTC Could Drop To $44,000
Crypto analyst CrediBULL Crypto recently provided insights into how Bitcoin could drop to the $40,000 range. He stated that Bitcoin dropping to the demand area at $53,000 could kickstart such a downtrend. However, BTC will need to fail to hold above $53,000 for the possibility of Bitcoin dropping to $44,000 to become feasible.
CrediBUILL Crypto is optimistic that BTC won’t drop to such levels. He noted that this was “the least likely to actually play out” among all the scenarios he had outlined for Bitcoin. Instead, he believes Bitcoin will likely reverse from its current price range. He predicts that the flagship crypto will rise to as high as $100,000 in the long term.
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This Crypto Trader Just Sold All His Bitcoin For Altcoins Like Cardano And XRP, Here’s Why
Crypto expert Michaël van de Poppe recently revealed that he had sold all his Bitcoin and rotated his capital to altcoins. The analyst explained the reason for this move and remarked that he was doing this to acquire more of the flagship crypto later on.
Why This Analyst Swapped His Bitcoin For Altcoins
In an X (formerly Twitter) post, Van de Poppe explained that altcoins have been “crushed unreasonably hard.” As such, he believes things can only improve from here on, noting that the “upside (for these altcoins) can’t be denied.”
Based on his explanation, the analyst suggested that these altcoins will likely outperform Bitcoin from here on as the flagship crypto already had its moment before the halving when crypto natives swapped their altcoins for Bitcoin. Before now, Van de Poppe had already predicted that altcoins would make a bounce in their Bitcoin pairs post-halving.
He also mentioned back then that there would be a narrative shift to Ethereum. More recently, he indicated that the news around the Spot Ethereum ETF would trigger a rally for Ethereum and other altcoins. While explaining his decision to swap his Bitcoins, he again touched on this and hinted that Ethereum would be integral to any move these altcoins make.
Van de Poppe claimed everyone expects the worst, that the Spot Ethereum ETF applications will be denied because the SEC considers the crypto token a security. Therefore, he believes the market is already priced in accordingly and can only recover from here on, even if the SEC eventually rejects the applications.
The crypto analyst further claimed that the markets could make a “significant U-turn” if the news ends up being slightly better than a rejection. He also highlighted other developments that could help trigger this move. One is the FIT21 bill, which the House will soon vote on. This bill is expected to provide regulatory clarity for digital assets in the United States.
Van de Poppe also noted that the SEC’s lawsuit against Ripple is coming to a “final stage” and predicts that the crypto firm will likely secure a final victory, which could also help provide a major boost for these altcoins.
Meanwhile, he expects that Decentralized Physical Infrastructure Networks (DePIN) and Real World Assets (RWA) will be “massive,” with traditional companies transitioning into the Web3 ecosystem. As such, Van de Poppe urged his followers to “allocate” themselves if they wanted to “make a large return.”
Van De Poppe’s Big Bet
It is worth noting that Van de Poppe’s decision to swap his Bitcoins for altcoins isn’t an end in itself but a means to an end. The crypto expert hopes to make a return of 300% to 900% on his investment in the coming six to twelve months. Van de Poppe hinted that he would rotate his capital back to Bitcoin after this period and predicted that he could make another 300% to 600% return on his investment as long as Bitcoin stabilizes.
He warned of the risk of taking such a bet, revealing that he is currently down around 20% on his overall investment. He also remarked that he could still post more losses on his investment, considering these altcoins could still experience further declines from their current price levels.
However, Van de Poppe added that he is fine with whatever the outcome of his investment is. Again, he reaffirmed that he is “happily allocating” his entire capital towards altcoins and concluded by stating that the bull cycle will be “glorious.”
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Why This Analyst Thinks Traders Should Not Be Bearish On Solana
For traders thinking Solana is controlled by the bears, a popular crypto market analyst, Chris Burniske, is giving a fresh perspective of hope for the major altcoin.
According to the former lead of Ark Invest’s crypto department, those who think that SOL is generally bedridden in a bearish mood are mistaken.
SOL Sets To Make a Breakthrough
Burniske said that the Ethereum killer still has a breakthrough opportunity to rally its price despite its reverse down at a resistance level.
The prominent analyst urged traders not to be extremely bearish on SOL as the coin would eventually retrace its value. He expects the crypto’s retracement to occur within the next few months.
Burniske, however, cautioned that investors might experience price decline due to the market volatility, which might heighten and cause massive losses for traders who have opened long positions in their leverages.
Since the start of the year, Solana has been in a bullish mood and showing signs of resilience and bravery, actually benefiting from the recent market bullishness.
Based on the daily and weekly trading movement since the beginning of the year, the current bearish action of SOL can be regarded as a mere retracement, something which is generally seen in other risky assets.
Most Ethereum killers, including Solana, are witnessing a similar kind of price reversal, which signals no major panic on the part of the SOL price.
Solana Price Analysis Shows Buy Signal
Burniske’s projection seems to be right based on technical price analysis. Over the past three months, Solana moved in a sideways trajectory trend at an average price of around the $14 mark. But within the last two weeks, Solana has surged its value by over 68% to trade at an average price of $23.59.
At the time of writing, Solana is currently trading at $23.18, down 5.50%, with a trading volume of $801,611,149 in the last 24 hours. The altcoin’s market cap stands at $8.6 billion, which puts it the 10th largest cryptocurrency, according to Coinmarketcap.
As per the TradingView chart below, the presence of a bullish hammer in the candlesticks signals the buyers are taking back control and pushing the price back above. The green indicator shows the sellers’ inability to drive the price of an asset further down.
The 50-day and 200-day moving average settings on the 4-hour price chart further support this bullish trend. The presence of the golden cross, as it is indicated by an asset’s short-term moving average crossing above its long-term moving average, signals a switch from a bear trend to a bull trend.
Based on price analysis, the current sentiment is bullish, as this can also be seen in the RSI stands at 64.22, showing that Solana is in the bull territory. Generally, the technical analysis shows that Solana has the potential to regain its value, though it may experience some corrections triggered by macro events.
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