According to trader and head of Factor LLC Peter Brandt, bitcoin will fall to $28,000.
The completion of a bear channel typically results in a decline equal to the width of the channel, or in this case a hard test of 32,000 or so — my guess is 28,000
This does NOT make me a hater $BTC pic.twitter.com/tTtuALZvSt
— Peter Brandt (@PeterLBrandt) April 30, 2022
During the technical analysis, the specialist drew attention to the pattern that the price of bitcoin has formed since the beginning of 2022, and the breakdown of its lower border.
“The completion of a bearish channel usually results in a decline equal to its width. In this case, a hard test of $32,000 or so, but I think $28,000,” Brandt wrote.
He also added that such a forecast does not make him a “bitcoin hater.”
Recall that on May 1, the price of bitcoin set new levels below $38,000.
The fall in the value of bitcoin predicted Arthur Hayes, CEO and co-founder of the BitMEX exchange. He is confident that this should be expected in the first half of the year due to a possible decline in the Nasdaq 100 (NDX) index, with which bitcoin is highly correlated.
According to Arcane Research experts, the statistical relationship between bitcoin and the Nasdaq index peaked from July 2020.
However, Hayes predicts price rise to $1 million by the end of the decade.