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Bitcoin price forecast: Peter Brandt sees BTC at USD 10,000

 


Peter Brandt is extremely popular in the crypto community. The investor predicted the Bitcoin bottom of 2018. Brandt recently shared his latest assessment of the Bitcoin price.


According to Peter Brandt's current forecast, the Bitcoin price will continue to fall for the time being. The analyst bases his thesis on a bitcoin chart analysis . In his opinion, the BTC price is currently trading in a bearish pennant ("Pennant").

Due to Peter Brandt 's reputation , many members of the crypto community discussed the Bitcoin Price Prediction on Twitter . Brand responded by saying, "If it looks like a pennant and acts like a pennant, it usually is a pennant."


Bitcoin price forecast: BTC falls to USD 10,000

The analyst drew two pennant patterns on the chart. After the BTC price fell from USD 38,000 to USD 30,000 in May 2022, the price then moved in the first pattern until mid-June. According to Peter Brand, the Bitcoin course could complete the second pattern in mid-July.


After BTC price completed the previous price patterns, the price dropped an average of 27%. If BTC price falls by a similar distance following the current pattern, then Bitcoin price would potentially drop to around $14,000 in July.


Many members of the crypto community currently believe it is possible that the Bitcoin price could fall to USD 10,000. Peter Brandt thinks that the BTC price will “find” the next bottom near this level.

Who is Peter Brandt?

Peter Brandt started trading commodities in 1976. By 1979, Brandt was managing large institutional clients such as the Campbell Soup Company and Godiva Chocolate. In 1980 he founded Factor Trading Co, Inc. His company not only devoted itself to trading, but also to market research and overseeing the trading activities of large institutional clients.


Peter Brand published his first book, Trading Commodity  Futures  with Classical Chart Patterns , in 1980 . The book is considered one of the must-reads for traders. His second book , Diary of a Professional Commodity Trader , was ranked number one on Amazon under the trading category and held that position for 27 weeks.


Disclaimer

All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action that the reader takes based on the information found on our website is entirely at their own risk.

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