Legendary analyst Peter Brandt has provided a bearish outlook for the Bitcoin price. He predicted it could crash to as low as $78,000 and explained why he holds such a bearish sentiment.
Peter Brandt Predicts Bitcoin Price Crash To $78,000
In an X post, Peter Brandt predicted that the Bitcoin price could crash to $78,000. This prediction came as he revealed a head and shoulders top pattern. The legendary analyst remarked that a complete formation of this pattern could cause a price breakdown to this target. Brandt added that this pattern might fail with a “thrust hire,” or it might morph into something else.
Peter Brandt stated that as it stands now, it is a head and shoulders top pattern for the Bitcoin price dealt with for what it is. The legendary analyst isn’t the only one who has raised this bearish pattern for Bitcoin. Crypto analyst Aksel Kibar also highlighted a potential head and shoulders pattern that formed on the BTC chart.
The analyst indicated that this bearish pattern put the Bitcoin price at risk of dropping to $80,000. He also raised the possibility of this pullback pushing the flagship crypto to the broadening pattern that completed with a breakout above $73,600. However, the analyst suggested that this bearish pattern can still be invalidated as it still needs to breach below the neckline before this breakdown becomes a real possibility.
Crypto analyst Ali Martinez also recently provided a bearish setup for the Bitcoin price. He stated that a drop below $93,600 could send the flagship crypto to $80,000 or even $70,000. On the other hand, he remarked that BTC needs to break above $94,800 to confirm a price rebound.
How It Could Play Out For BTC
In an X post, crypto analyst Mikybull Crypto provided insights into how it could play out for the Bitcoin price. He stated that Bitcoin might experience a dump before heading to Q1 2025 before the final rally to a cycle top. He added that 2025 will be more volatile than most market participants expect.
The analyst’s accompanying chart showed that the Bitcoin price could rally to a cycle top of around $130,000. Crypto analyst Jelle also recently predicted that BTC could reach $140,000 in the next three months. Despite Bitcoin’s current tepid price action, the analyst is confident that the crypto will still rally much higher.
He stated that everything points to the Bitcoin price being higher a few months from now. The crypto analyst added that it doesn’t matter whether BTC drops to $87,000 in the meantime or not, as it will still rally higher later on.
At the time of writing, the Bitcoin price is trading at around $93,600, down over 1% in the last 24 hours, according to data from CoinMarketCap.
Source: NewsBTC