The present crypto crash has taken a troll among investors and traders as the bear cycle has not pitied any cryptocurrencies including stablecoins. Bitcoin was supposed to reclaim $30,000, instead, the flagship currency decided to flip its price action trading below $27,000.
This has happened mainly due to an increased pressure created by the latest US Consumer Price index (CPI) data.
At the time of reporting, Bitcoin is valued at $28,350 with a crash of 10.92% in the past 24hrs.
Bitcoin’s $26k Is New Local Bottom
At the time when Bitcoin was trading at $39k, veteran trader, Peter Brandt had earlier predicted that the first born currency will trade below $28k. Now Peter Brandt has a new forecast as he expects the Bitcoin price to rebound from $27k level and hit the new local bottom.
Peter Brandt, who is a popular veteran trader, alerts the traders that he sees $27k as the new local bottom for the Bitcoin price as the price is expected to rebound from this level.
The Bitcoin chart has a volume spike currently and this indicates that Bitcoin has reached peak capitulation and the price won’t see any further declines.
On the contrary, Peter is of the opinion that the bearish stance is strong and the Bitcoin price might see further price decline.
In Peter Brandt’s prediction last week, he expected Bitcoin to hit below $32k and also spoke about the $28k level. This forecast by Peter Brandt was on the basis that the currency had completed a bear cycle resulting in further price decline.
Nevertheless, Terra’s LUNA liquidation has increased the fear among investors and also the SEC is considering the depegging of LUNA. This combat between bulls and bears was never seen in the crypto market anytime now and they are expected to settle down soon.
Was this writing helpful?
Source: https://coinpedia.org/bitcoin/btc-price-forecast-is-26k-the-local-bottom-or-more-downtrend-on-horizon/