Peter Brandt Warns Bitcoin (BTC) May Face a Significant Decline if New Peaks Are Not Recorded Soon
- Patricia ArquetteOriginal
- 2024-10-14 01:28:11794browse
Experienced trader Peter Brandt has warned that Bitcoin (BTC) may face a significant decline if new peaks are not recorded soon.
Seasoned trader Peter Brandt has shared his observations regarding Bitcoin's (BTC) price movements, highlighting the potential for a substantial decline if new peaks aren't attained. Here are some key takeaways from Brandt's analysis:
Recent Price Performance of Bitcoin
Posting to his 742,500 followers on the social media platform X, Brandt highlights how BTC has struggled to initiate a sustained rally for eight months, indicating a risky situation. The renowned trader applies an old saying to the current market stagnation: “If a market that should rise is not rising, it usually cannot.” This observation underscores the weakness evident in the price movements.
Brandt discloses that Bitcoin is one of the largest assets in his portfolio, presenting his observations as “more of an assessment than a prediction.” He encourages investors to maintain a balanced perspective, stating, “Those who do not pay attention to both sides eventually crash.”
Future Targets and Risks
Brandt projects that BTC could reach $135,000 during the August-September 2025 period, although he notes that this analysis is contingent on the price remaining above $48,000. He cautions that if this level is breached, the validity of the analysis may be impacted.
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