Peter Brandt Supports Prediction of Bitcoin Price Drop to $70,000
The price of Bitcoin has fallen below $86,000, with a current trading price around $85,247.20, reflecting a decline of over 2.86% in the past 24 hours. This drop raises concerns of further declines, with trader Peter Brandt suggesting a potential fall to $70,000.
Market Dynamics and Predictions
- Traders await the US PCE inflation report, which may impact market sentiment.
- Bitcoin's trading volume has decreased by 2.4%, totaling $25.8 billion.
- Market analysis indicates possible price targets for Bitcoin at $76,700 or $70,000.
- Contrarily, some analysts believe Bitcoin could reach between $116,600 and $118,800 based on historical trends.
- Current supply of Bitcoin on exchanges is at its lowest in over seven years, potentially signaling bullish market sentiment.
- Analysts note rapid absorption of recent dips, indicating buyer interest and potential for a breakout past $90,000.
- Some expect Bitcoin to maintain momentum above $85,000, setting the stage for future highs.
Overall, market uncertainty remains as traders assess inflation impacts and potential price movements for Bitcoin.