Bitcoin will test the $28,000 level, according to trader and head of Factor LLC Peter Brandt.
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
The expert drew attention to the pattern that the price of the first cryptocurrency has formed since the beginning of the year, 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, to a hard test of $32,000 or so, but I think $28,000,” Brandt commented.
He emphasized that the forecast does not make him a “bitcoin hater.”
On May 1, quotes of the first cryptocurrency updated the local minimum below $38,000.
In April, former BitMEX CEO and co-founder Arthur Hayes predicted that Bitcoin would fall to $30,000 at the end of the first half of the year. He attributed this to a possible decline in the Nasdaq 100 (NDX), with which digital gold is highly correlated.
Analysts at Arcane Research confirmed that the statistical relationship between Bitcoin and the Nasdaq index peaked from July 2020.
However, at the end of the year, fintech experts who took part in the Finder survey expect quotes of the leading cryptocurrency to be above $65,000 with subsequent growth.
Hayes also has no doubts about the prospects of bitcoin, who predicted a rise in price to $1 million by the end of the decade.
Recall, according to Brandt, digital gold will return to the bull market stage in May 2024.
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