Legendary Peter Brandt Predicts Bitcoin Rendezvous With Parabola As CME Gap Closes

The crypto market saw $250 million liquidated over the last 24 hours, with $60 million Bitcoin longs liquidated from a total of $70 million. BTC price fell under key $40,000 support level as traders and experts anticipated a weak trend due to macro and technical reasons.
However, a correction in Bitcoin price has been pending since December after a rally triggered by massive buying from retail and institutional investors. CoinGape reported a CME Bitcoin gap near $39,700, which has finally filled as Bitcoin drops to a 24-hour low of $38,923.
Peter Brandt Shares Bullish Outlook
Reacting to Bitcoin price prediction to popular trader Cheds that side-liners will again take long positions under $40,000, Peter Brandt agrees the decline is most probably a wash out of weak longs.
In contrast to bearish sentiment and weak buying from bulls below $40K, Peter Brandt said “Would love to see what would happen when (if) parabola is retested.”
As the major support is broken and CME Bitcoin gap is filled, buying from the dip for longs is expected. However, the parabola shared by Peter Brandt depicts a retest most likely in Feb-end or early March.
March will be a crucial month for BTC traders in terms of macro and post-Bitcoin halving sentiment. The world will keep an eye on the US Federal Reserve monetary policy decision in March for a pivot. The macro currently is against the Bitcoin bullish momentum.
The U.S. 10-year treasury yield hovers near 4.15%. The US dollar remains strong reversed back to 103.50 from 101 in early January, currently at DXY index is at 103.29. Bitcoin traders brace for key economic data this month end including US Treasury quarterly refunding announcement on January 31.
Whales have sold around 70,00 BTCs worth over $3 billion in the last two weeks, reported popular analyst Ali Martinez. Analyst Rekt Capital revealed that Bitcoin is repeating historical chart patterns over correction before a halving.
In the 4-hour chart, Bollinger bands and RSI indicate a buy the dip opportunity for BTC price. RSI dips to the oversold zone.
BTC price fell 5% in the past 24 hours, with the price currently trading at $38,964. The 24-hour low and high are $38,839 and $41,242, respectively. Furthermore, the trading volume has increased by 85% in the last 24 hours, indicating interest among traders.
Also Read:
- Mt Gox’s Huge Bitcoin Unlock To Hit The Market, BTC Price To Crash?
- Invesco & WisdomTree Ignite Europe’s Bitcoin ETF Fees Battle
- Pro-XRP Lawyer Exposes SEC’s ‘Money Grab’ In Crypto Speech Fallout
- LBank Signs Sponsorship Deal with Argentine National Team, Launches $100M Bonus
- ASTER Leads Perp DEX Volumes Despite $4.8M Wintermute Transfers
- USDH Launch Boosts Hyperliquid Amid Competitive Market Pressure
- SEC to Decide on Six Spot XRP ETF Applications in October
- Ripple Partners with Ondo Finance to Tokenize U.S. Treasuries on XRPL
- Pepe Coin Price Bounce Likely as Support Zone Aligns With Rising Social Activity
- Solana Price Set for Recovery Amid Wyckoff Accumulation and Canary Capital ETF Filing
- Avalanche Price Could Surge to $50 as Transactions Jump 200%
- CHMPZ Price Prediction:Will This Net-Zero Community Token be the Next Gem?
- Ethereum (ETH) Price Set for a rebound as Whales Accumulate $1.6B ETH and Outflows Hit $622M
- HYPE Price Prediction As Bitwise Files For Hyperliquid ETF – Is $55 In Sight?