Claim BonusVeteran Trader Peter Brandt Short-Term Bearish On Bitcoin; Is A Bitcoin Crash Ahead?
Renowned trader Peter Brandt, recognized for his astute market analysis, has shared a short-term bearish outlook on Bitcoin. In a recent tweet, Brandt pointed to a chart pattern known as a pennant or flag, commonly associated with a bearish trend in the near term unless there is a substantial rally above the mid-point highs.
BTC Price Prediction:
Bitcoin’s current consolidation phase is giving rise to a widely recognized bearish pattern, thereby increasing the likelihood of further downward movement. If a significant breakdown occurs below certain levels, it could trigger the bearish pattern and potentially lead to a decline in price.
On the other hand, the validity of this bearish outlook would be questioned if the price manages to surpass over 27,000 mark. His analysis indicates a cautious stance on Bitcoin’s price trajectory.
Recently he predicted that Bitcoin price fall below $25000 as volatility and uncertainty rise amid US debt ceiling crisis. Adding to the prevailing market concerns, on May 22, Brandt highlighted the ongoing US debt ceiling talks as a significant factor.
BTC Price and US Economy
President Joe Biden and Republicans failed to reach a consensus in earlier sessions, heightening global market apprehension.
Initially, such a scenario could also impact the cryptocurrency market. However, Brandt suggests that Bitcoin may experience a sudden rise due to the risks posed to the US dollar dominance and treasury bonds.
The combination of potential rate hikes and banking crises continues to cast its shadow on the market and investors. These factors, coupled with the uncertainty surrounding the US debt ceiling talks, contribute to the overall cautionary sentiment expressed by Peter Brandt regarding Bitcoin’s short-term prospects.
As of the time of writing, Bitcoin’s current price stands at $26,798.17, reflecting a 1.86% decline. Market participants closely monitor these developments and remain vigilant amid the dynamic nature of the cryptocurrency market and its interplay with global economic factors.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Sui Network Suffers Outage as Mainnet Stalls; SUI Price Flat
- Crypto ETF News: Bitwise Launches Chainlink ETF as Institutional Inflows Return
- Breaking: Supreme Court Delays Ruling on Trump Tariffs; May Decide January 16
- Senators Make Amendments To CLARITY Act On Yield and DeFi Ahead Of Crypto Bill’s Markup
- Breaking: U.S. November PPI Inflation Rises To 3%, Bitcoin Climbs Above $95k
- Ethereum Price Prediction as Network Activity Hits ATH Ahead of CLARITY Markup
- Robinhood Stock Price Prediction: What’s Potential for HOOD in 2026??
- Cardano Price Prediction as Germany’s DZ Bank Gets MiCAR Approval for Cardano Trading
- Meme Coins Price Prediction: What’s Next for Pepe Coin, Dogecoin, and Shiba Inu Amid Market Rally?
- Standard Chartered Predicts Ethereum Price could reach $40,000 by 2030
- Bitcoin Price Eyes $100k as Core US Inflation Slips Ahead of CLARITY Act Markup
