Bitcoin (BTC) price dropped below $27k today amid the market-wide pressure predominantly due to the latest U.S. Consumer Price Index (CPI) data. Veteran trader Peter Brandt, who predicted the Bitcoin fall to $28k when the price was trading near $39k, has a new forecast. He expects the BTC price to rebound from the $27k level—the new local bottom.
Peter Brandt Predicts $27K as the Local Bottom
Peter Brandt said in a tweet on Thursday that he sees $27k as the local bottom for Bitcoin (BTC) and the price may rebound from here. The type of volume spikes currently seen in the BTC chart indicates a puke point capitulation, which could mean the end of further price declines.
However, he also thinks the possibility of a decrease in price still persists as the bearish trend is strong.
“This is the type of volume spike that can indicate puke-out capitulation and the beginning of the end of the one-year decline. Can the carnage continue? Anything is possible — and that includes a local bottom. I’ve mentioned 27,000 area as possible low, and that could be BTC.”
Last week, Peter Brandt predicted a fall in BTC price below $32k, in which he also shared a level of $28k. His forecast was based on the completion of the bear channel, which generally results in further decline.
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Moreover, Terra’s LUNA liquidation has spurred fear among investors and the SEC is looking into the de-peg of LUNA that resulted in chaos in the market. The bulls and bears are the most polarized ever seen in quite some time now.
BTC Price Falls Below $27,000
The market-wide selloff in the last 24 hours has led to the crypto market crash with liquidation exceeding $1.5 billion. As per CoinMarketCap, the BTC price is currently trading below the $27,000 level at $26,650. Meanwhile, the whales are still waiting for Bitcoin stability to accumulate. The move above $27k could bring massive upside momentum.
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