Bitcoin

Bitcoin (BTC) Price To Bottom At This Level – Predicts Peter Brandt

Written by: Delma Wilson

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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Jul 6, 2022

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During the last 24 hours, the global cryptocurrency market rebounded to its earlier position, with all significant cryptocurrencies trading in the red. Following a brief rally, it’s not just Bitcoin and Ethereum, but even other major currencies the market has stayed in the crisis.

The wider crypto market has dropped by 0.80% in the last 24hrs positioned at $905.21 Billion.

Meanwhile, Peter Brandt, a renowned future investor, and trader have been always open about the crypto price actions. Now he predicts the possibility of the Bitcoin price continuing with its downswing for a few weeks.

Bitcoin Price Enters Pennant Pattern

Peter Brandt took to Twitter to share a graph representing Bitcoin’s price action from April 2022 to the present day. The chart depicts the flagship currency advancing towards a Pennant pattern.

As per the chart, the BTC breached the last pennant formation southward and plummeted from $33k to $20K.

A Pennant pattern is a graphic movement that occurs whenever an asset advances either towards the North or South direction, followed by a temporary consolidation prior to actually returning to its earlier projection.

The behavior of Bitcoin between April 2022 and now, according to Brandt’s graph, demonstrates that the king currency had a big pullback and a few consolidations prior to actually proceeding on to its declining course.

Bitcoin appears to have started a consolidation stage, with Brandt predicting the first-born currency to maintain its negative trend.

Bitcoin Price To Bottom At $13,000?

It’s not the first of Brandt’s predictions, he has made many negative forecasts for Bitcoin price. The renowned cryptocurrency analyst, who believes Bitcoin still needs to establish a bottom price, forecasted that the leading virtual currency might go as low as $13,000 in the near future.

Since the start of the month, the Bitcoin price has been hovering around the $19,000 and $20,000 range. At the moment, Bitcoin price is changing hands at $20,168 with a fall of 0.24% in the last 24hrs.

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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