{"id":534531,"date":"2023-05-23T03:53:48","date_gmt":"2023-05-23T03:53:48","guid":{"rendered":"https:\/\/uniquehot.com\/?p=534531"},"modified":"2024-06-11T08:10:31","modified_gmt":"2024-06-11T08:10:31","slug":"prominent-crypto-trader-drops-shocking-bitcoin-price-prediction","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/prominent-crypto-trader-drops-shocking-bitcoin-price-prediction\/","title":{"rendered":"Prominent Crypto Trader Drops Shocking Bitcoin Price Prediction"},"content":{"rendered":"<p><span style=\"font-weight: 400\">While Bitcoin price exchanges hands above the $27,000 price level, iconic trader Peter Brandt dropped a <\/span><a href=\"https:\/\/twitter.com\/PeterLBrandt\/status\/15930880\" rel=\"nofollow\"><span style=\"font-weight: 400\">new prediction<\/span><\/a><span style=\"font-weight: 400\"> for it.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The trader believes it could take one more price pullback for BTC to climb higher. Nonetheless, Brandt calls this price forecast a guess, adding that guessing is the best he can offer.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Brandt told his followers to run and protect their assets from anyone dogmatic about his price analytics. <\/span><\/p>\n<blockquote><p><b>\u201c\u2026If anyone is dogmatic about their brilliance, turn and run, protecting your wallet,\u201d<\/b><span style=\"font-weight: 400\"> he <\/span><a href=\"https:\/\/twitter.com\/PeterLBrandt\/status\/15930880\" rel=\"nofollow\"><span style=\"font-weight: 400\">wrote<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p><\/blockquote>\n<h2>Major BTC Price Breakout Could Be Imminent<\/h2>\n<p><span style=\"font-weight: 400\">Bitcoin traded bearish in the last few days, with a 0.8% price decline over the past 24 hours.<\/span><\/p>\n<figure id=\"attachment_534536\" aria-describedby=\"caption-attachment-534536\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-534536 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/BTCUSDT_2023-05-23_07-59-37.png?resize=860%2C371\" alt=\"Prominent Crypto Trader Peter Bradit Drops Shocking Bitcoin Price Prediction\" width=\"860\" height=\"371\"><figcaption id=\"caption-attachment-534536\" class=\"wp-caption-text\">Bitcoin trades well over $27,000 l Source: <a href=\"https:\/\/www.tradingview.com\/x\/xmggJVZ4\/\" rel=\"nofollow\">Tradingview.com<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">Though BTC closed May 21 with a slight price increase, the asset remains below the primary pivot point, trading at $27,132 at press time.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-price-double-fractal-extended-parabolic-rally\/?swcfpc=1\">Bitcoin Price Double Fractal Points To \u201cExtended\u201d Parabolic Rally<\/a><\/div>\n<p><span style=\"font-weight: 400\">According to <\/span><a href=\"https:\/\/twitter.com\/glassnode\/status\/93674240\" rel=\"nofollow\"><span style=\"font-weight: 400\">data<\/span><\/a><span style=\"font-weight: 400\"> by notable blockchain analytics firm, Glassnode, Bitcoin recorded a 3.4% price range in the last seven days. <\/span><span style=\"font-weight: 400\">The data confirms the number one crypto asset is witnessing one of its tightest periods in the last three years.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to the analytic firm, the current price movement aligns with the bearish trading recorded in January 2023 and July 2020.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">These two intervals preceded large market moves, suggesting that high volatility is probably near, added Glassnode. <\/span><span style=\"font-weight: 400\">This observation concurs with Brandt\u2019s latest prediction, where he claims Bitcoin would thrust higher after one more shakeout.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Meanwhile, Brandt isn\u2019t the only analyst who thinks that a price breakout, after some pullbacks, is on the horizon.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Crypto analyst Carl from the Moon had <\/span><a href=\"https:\/\/twitter.com\/TheMoonCarl\/status\/21258754\" rel=\"nofollow\"><span style=\"font-weight: 400\">spotted<\/span><\/a><span style=\"font-weight: 400\"> a symmetrical triangle pattern, indicating consolidation. Carl highlighted a target of 25K or $29K, depending on the direction of the price breakout.<\/span><\/p>\n<h2>Surging Bitcoin Transaction Fees Constitute A Lackluster To Potential Bull Runs<\/h2>\n<p><span style=\"font-weight: 400\">Although technical indicators suggest a major price move for Bitcoin, Glassnode\u2019s <\/span><a href=\"https:\/\/insights.glassnode.com\/the-week-onchain-week-19-2022\/?utm_source=n&amp;utm_medium=email&amp;utm_campaign=woc_2022_19\" rel=\"nofollow\"><span style=\"font-weight: 400\">recent reports<\/span><\/a><span style=\"font-weight: 400\"> noted that the surging network fee drives the market lower.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">BTC transaction fees have skyrocketed as the Bitcoin network struggles with congestion due to massive unconfirmed transactions.<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to <\/span><a href=\"https:\/\/twitter.com\/hash_bender\/status\/70286856\" rel=\"nofollow\"><span style=\"font-weight: 400\">reports<\/span><\/a><span style=\"font-weight: 400\">, the network congestion was due to increased minting and transferring of Ordinal NFTs and BRC20 tokens.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The network flooded with transactions, causing node overloads and an overwhelmingly large backlog of unconfirmed transactions.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/analysis\/btc\/why-bitcoin-may-have-completed-the-perfect-pullback\/?swcfpc=1\">Why Bitcoin May Have Completed The \u201cPerfect\u201d Pullback<\/a><\/div>\n<p><span style=\"font-weight: 400\">This issue slowed down transaction speed and triggered a hike in transaction fees. It has equally repelled users from conducting Bitcoin transactions, reducing transfer volumes.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">As of May 20, the total transfer volume in the Bitcoin network had reduced to $2.73 billion per day. That\u2019s a significantly lower throughput than the over <\/span><a href=\"https:\/\/www.cryptovantage.com\/news\/why-we-should-be-paying-attention-to-bitcoins-transfer-volume\/#:~:text=Transfer%20volume%20on%20the%20Bitcoin,no%20further%20than%20this%20metric.\" rel=\"nofollow\"><span style=\"font-weight: 400\">15 trillion recorded<\/span><\/a><span style=\"font-weight: 400\"> during the 2021 bull market.<\/span><\/p>\n<p><em>-Featured image from Pexels, Chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>While Bitcoin price exchanges hands above the $27,000 price level, iconic trader Peter Brandt dropped a new prediction for it.\u00a0 The trader believes it could take one more price pullback for BTC to climb higher. Nonetheless, Brandt calls this price forecast a guess, adding that guessing is the best he can offer.\u00a0 Brandt told his followers to run and protect their assets from anyone dogmatic about his price analytics. \u201c\u2026If anyone is dogmatic about their brilliance, turn and run, protecting your wallet,\u201d he wrote. Major BTC Price Breakout Could Be Imminent Bitcoin traded bearish in the last few days, with a 0.8% price decline over the past 24 hours. Though BTC closed May 21 with a slight price increase, the asset remains below the primary pivot point, trading at $27,132 at press time. Related Reading: Bitcoin Price Double Fractal Points To \u201cExtended\u201d Parabolic Rally According to data by notable blockchain analytics firm, Glassnode, Bitcoin recorded a 3.4% price range in the last seven days. The data confirms the number one crypto asset is witnessing one of its tightest periods in the last three years.\u00a0 According to the analytic firm, the current price movement aligns with the bearish trading recorded in January 2023 and July 2020.\u00a0 These two intervals preceded large market moves, suggesting that high volatility is probably near, added Glassnode. This observation concurs with Brandt\u2019s latest prediction, where he claims Bitcoin would thrust higher after one more shakeout.\u00a0 Meanwhile, Brandt isn\u2019t the only analyst who thinks that a price breakout, after some pullbacks, is on the horizon.\u00a0 Crypto analyst Carl from the Moon had spotted a symmetrical triangle pattern, indicating consolidation. Carl highlighted a target of 25K or $29K, depending on the direction of the price breakout. Surging Bitcoin Transaction Fees Constitute A Lackluster To Potential Bull Runs Although technical indicators suggest a major price move for Bitcoin, Glassnode\u2019s recent reports noted that the surging network fee drives the market lower.\u00a0 BTC transaction fees have skyrocketed as the Bitcoin network struggles with congestion due to massive unconfirmed transactions. According to reports, the network congestion was due to increased minting and transferring of Ordinal NFTs and BRC20 tokens. The network flooded with transactions, causing node overloads and an overwhelmingly large backlog of unconfirmed transactions. Related Reading: Why Bitcoin May Have Completed The \u201cPerfect\u201d Pullback This issue slowed down transaction speed and triggered a hike in transaction fees. It has equally repelled users from conducting Bitcoin transactions, reducing transfer volumes.\u00a0 As of May 20, the total transfer volume in the Bitcoin network had reduced to $2.73 billion per day. That\u2019s a significantly lower throughput than the over 15 trillion recorded during the 2021 bull market. -Featured image from Pexels, Chart from TradingView<\/p>\n","protected":false},"author":593,"featured_media":534535,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[167,428,88324,78790],"class_list":["post-534531","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-analyst","tag-bitcoin","tag-brc20","tag-btcusdt"],"acf":[],"yoast_head":"\n<title>Prominent Crypto Trader Drops Shocking Bitcoin Price Prediction<\/title>\n<meta name=\"description\" content=\"While Bitcoin price exchanges hands above the $27,000 price level, iconic trader Peter Brandt dropped a new prediction for it.\u00a0 The trader believes it\" \/>\n<meta name=\"robots\" content=\"index, follow, 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