Peter Brandt Predicts Bitcoin Price Could Drop to $78,000
Analyst Peter Brandt forecasts a potential decline in Bitcoin's price, predicting it could drop to $78,000 due to a head and shoulders pattern.
Peter Brandt Predicts Bitcoin Price Crash To $78,000
In a recent X post, Brandt indicated that the formation of a head and shoulders pattern might lead to a significant price drop. He noted that while this pattern poses risks, it may also transform or fail to materialize.
Brandt's analysis aligns with insights from other analysts, including Aksel Kibar, who also identified a head and shoulders pattern suggesting a potential drop to $80,000. This bearish scenario requires breaching below the neckline for confirmation.
Analyst Ali Martinez warned that if Bitcoin falls below $93,600, it could descend to $80,000 or even $70,000. Conversely, breaking above $94,800 could indicate a price rebound.
How It Could Play Out For BTC
Crypto analyst Mikybull Crypto suggested that Bitcoin may experience volatility leading into Q1 2025, potentially rallying to a cycle peak of around $130,000. Analyst Jelle predicts BTC could reach $140,000 within three months, despite current market fluctuations.
At present, Bitcoin is trading at approximately $93,600, reflecting a decrease of over 1% in the last 24 hours, according to CoinMarketCap.
