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Bitcoin prices show bearish consolidation amid wider market selling. Top trader Peter Brandt has not ruled out a retest of the $70,000 floor. Analysts divide their opinions on the short-term trajectory of Top Coin.
Bitcoin Price
BTC
$82 345
24-hour volatility:
0.0%
Market Cap:
$1.63 t
Vol. 24H:
$13.85 b
It is below $86,000 and is concerned about a further decline. In his X post, legendary trader Peter Brandt admits that he is putting pressure on the situation and that a reduction to $70,000 is a reasonable expectation. This decline could affect the direction of the market as traders and investors look forward to the US PCE inflation report.
Bitcoin is under pressure as investors await inflation reports
Current market data shows that Bitcoin prices have fallen more than 2.86% in the last 24 hours. According to Coinmarketcap, Bitcoin is trading at around $85,247.20 as sellers control the market.
In particular, the digital asset market continues to record general volatility, with Bitcoin trading volume down 2.4% to $25.8 billion.
Unfortunately, this negative price swing is spurring concerns that Bitcoin could drop even further, possibly reaching a low of $70,000. Peter Brandt, a widely respected trader despite being known as Bitcoin Bull, supports this possibility.
In X Post, Brandt responded to an analysis from market expert HTL-NL. The analysis estimates that Bitcoin could bring the price down to $76,700 and even $70,000.
Brandt responded that this was not an unreasonable expectation, suggesting that he agreed to the assessment. The crypto market is experiencing uncertainty, and traders are thwarting their investment plans before releasing US PCE inflation data.
Some experts believe the Federal Reserve could ease interest rates if inflation is lower than expected. This could help restore Bitcoin prices.
On the other hand, if inflation rates are high, governments could stabilize rates and increase them, putting pressure on risky assets. Not everyone agrees that Bitcoin prices will fall in particular. Some analysts view Peter Brandt’s prediction as another speculation of Bitcoin volatility in play.
For example, Crypto analyst Javon Marks recently shared with X that Bitcoin has risen from $19,000 to $67,543. He believes Bitcoin could still reach $116,600, or $118,800 per historic trend.
He believes that dipping between $70,000 and $70,000 could occur, but Bitcoin is likely to move sideways before another big jump.
Will Bitcoin crash or will it be a new high?
Coinspeaker previously reported that Bitcoin supply for exchanges has fallen to its lowest level in over seven years.
Many experts believe this could indicate a shift in market sentiment that could involve bullish effects. Some expect Bitcoin to drop, but others see the current dip as a powerful rebound setup.
Famous Crypto analyst Michael Van De Poppe said recent DIP was quickly absorbed. For him, this means the buyer is intervening. He believes potential breakouts are possible if Bitcoin travels above $90,000.
Crypto expert Arthur Hayes also warns that Bitcoin could rise to $110,000, but could then fall to $76,500.
Some investors believe Bitcoin is above $85,000, which could lead to momentum and climb to new highs. Instead of crashing, they believe Bitcoin is preparing for another big move.
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Disclaimer: Coinspeaker is committed to providing fair and transparent reporting. This article is intended to provide accurate and timely information, but should not be considered financial or investment advice. Market conditions can change quickly, so we recommend that you review your information yourself and consult with an expert before making a decision based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who writes about real-life applications of blockchain technology and innovation, promoting general acceptance and global integration of emerging technologies worldwide. His desire to educate people about cryptocurrency inspires his contributions to well-known blockchain media and sites.
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