{"id":628404,"date":"2024-07-09T03:00:15","date_gmt":"2024-07-09T03:00:15","guid":{"rendered":"https:\/\/uniquehot.com\/?p=628404"},"modified":"2024-07-08T13:46:02","modified_gmt":"2024-07-08T13:46:02","slug":"peter-brandt-bitcoin-44000","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin\/peter-brandt-bitcoin-44000\/","title":{"rendered":"Legendary Trader Peter Brandt Says Bitcoin Could Crash To $44,000, Here\u2019s Why"},"content":{"rendered":"<p><a href=\"https:\/\/bitcoinist.com\/bitcoin-bull-brandt-burns-schiff-stop-betting-on-dead-horses\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Veteran trader Peter Brandt<\/span><\/a><span style=\"font-weight: 400\"> has raised the possibility of Bitcoin dropping <\/span><a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-price-crash-10-69000\/\"><span style=\"font-weight: 400\">to as low as $44,000<\/span><\/a><span style=\"font-weight: 400\">. He predicted this could happen based on a technical indicator that paints a <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-price-outlook-community-bearish\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">bearish outlook<\/span><\/a><span style=\"font-weight: 400\"> for the flagship crypto.\u00a0<\/span><\/p>\n<h2>Why Bitcoin Could Drop To $44,000<\/h2>\n<p><span style=\"font-weight: 400\">Brandt predicted in an X (formerly Twitter) <\/span><a href=\"https:\/\/x.com\/PeterLBrandt\/status\/03048271\" rel=\"nofollow\"><span style=\"font-weight: 400\">post<\/span><\/a><span style=\"font-weight: 400\"> that Bitcoin could drop to as low as $44,000 if the flagship crypto has completed a <\/span><a href=\"https:\/\/bitcoinist.com\/call-for-a-46000-bitcoin-emerge-on-double-top-breakdown\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">double top<\/span><\/a><span style=\"font-weight: 400\">. A double top is a bearish pattern that indicates that BTC could witness a severe reversal to the downside, having hit two consecutive peaks and a <\/span><a href=\"https:\/\/bitcoinist.com\/call-for-a-46000-bitcoin-emerge-on-double-top-breakdown\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">moderate decline<\/span><\/a><span style=\"font-weight: 400\"> between them.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/dogecoin\/dogecoin-vs-shiba-inu-vs-pepe\/\">Dogecoin Vs. Shiba Inu Vs. PEPE: Comparing The Profitability Of The Top Meme Coins<\/a><\/div>\n<figure id=\"attachment_628409\" aria-describedby=\"caption-attachment-628409\" style=\"width: 460px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-628409\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/07\/Bitcoin_33fecd.png?w=460&#038;resize=460%2C270\" alt=\"Bitcoin\" width=\"460\" height=\"270\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/07\/Bitcoin_33fecd.png?w=512 512w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/07\/Bitcoin_33fecd.png?w=460 460w\" sizes=\"(max-width: 460px) 100vw, 460px\"><figcaption id=\"caption-attachment-628409\" class=\"wp-caption-text\">Source: X<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">Based on Brandt&#8217;s chart, the flagship crypto may have completed a double top. However, another analyst, JK, <\/span><a href=\"https:\/\/x.com\/jonbking\/status\/73659836\" rel=\"nofollow\"><span style=\"font-weight: 400\">responded<\/span><\/a><span style=\"font-weight: 400\"> to Brandt\u2019s post, noting that the depth of the top in Bitcoin is around 10% of its price. Based on this, JK suggested that it is unlikely that Bitcoin formed a double top since Richard Schabacker (one of the greatest analysts) said that 20% and not less is required for a <\/span><a href=\"https:\/\/uniquehot.com\/news\/bitcoin-price-double-top-how-low-can-btc-drop\/\"><span style=\"font-weight: 400\">true double top<\/span><\/a><span style=\"font-weight: 400\"> to form.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Brandt <\/span><a href=\"https:\/\/x.com\/PeterLBrandt\/status\/70994294\" rel=\"nofollow\"><span style=\"font-weight: 400\">seemed<\/span><\/a><span style=\"font-weight: 400\"> to agree with JK\u2019s reasoning, suggesting that it was also possible that a double top hasn\u2019t been completed and that Bitcoin could witness a bullish reversal from its current price range. Some other analysts also shared their thoughts in response to Brandt\u2019s post. One of them, Colin, <\/span><a href=\"https:\/\/x.com\/ColinTCrypto\/status\/41112026\" rel=\"nofollow\"><span style=\"font-weight: 400\">mentioned<\/span><\/a><span style=\"font-weight: 400\"> that he doesn\u2019t think that was a double top for Bitcoin.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Colin added that there was too much strength on these two bounces off the lower ranges and back into the channel to assume a <\/span><a href=\"https:\/\/uniquehot.com\/news\/why-the-double-top-narrative-in-bitcoin-doesnt-make-sense\/\"><span style=\"font-weight: 400\">double top<\/span><\/a><span style=\"font-weight: 400\">. Instead, he believes that Bitcoin\u2019s recent price action is <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-accumulation-new-data-swing\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">currently an accumulation<\/span><\/a><span style=\"font-weight: 400\"> and not a distribution range.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Based on Schabacker\u2019s analysis, another analyst, Chartvist, also <\/span><a href=\"https:\/\/x.com\/chartvist\/status\/77003018\" rel=\"nofollow\"><span style=\"font-weight: 400\">explained<\/span><\/a><span style=\"font-weight: 400\"> why it is unlikely that BTC has formed a double top. The analyst mentioned that the volume profile is not in line with the technical of a double top as there is usually a high volume for the first peak and a low volume for the second peak.\u00a0<\/span><\/p>\n<h2>How BTC Could Drop To $44,000<\/h2>\n<p><span style=\"font-weight: 400\">Crypto analyst CrediBULL Crypto <\/span><a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-closes-cme-gap\/#:~:text=Crypto%20expert%20Michael%20van%20de,crypto's%20recent%20decline%20below%20%2460%2C000.\"><span style=\"font-weight: 400\">recently provided<\/span><\/a><span style=\"font-weight: 400\"> insights into how Bitcoin could drop to the <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-price-crashed-below-40000\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">$40,000 range<\/span><\/a><span style=\"font-weight: 400\">. He stated that Bitcoin dropping to the <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-targeting-50000-in-december-analysts\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">demand area at $53,000<\/span><\/a><span style=\"font-weight: 400\"> could kickstart such a downtrend. However, BTC will need to fail to hold above $53,000 for the possibility of Bitcoin dropping to $44,000 to become feasible.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/finance-ceo-raoul-pal-says-crypto-will-reach-100-trillion-market-cap-heres-when\/\">Finance CEO Raoul Pal Says Crypto Will Reach $100 Trillion Market Cap \u2013 Here\u2019s When<\/a><\/div>\n<p><a href=\"https:\/\/bitcoinist.com\/can-dogecoin-reach-0-2\/#:~:text=Crypto%20Analyst%20Reveals%20Bearish%20Expectations,-by%20Scott%20Matherson&amp;text=Crypto%20analyst%20CrediBULL%20Crypto%20has,low%20as%20%240.5%20soon%20enough.\" rel=\"nofollow\"><span style=\"font-weight: 400\">CrediBUILL Crypto<\/span><\/a><span style=\"font-weight: 400\"> is optimistic that BTC won\u2019t drop to such levels. He noted that this was \u201cthe least likely to actually play out\u201d among all the scenarios he had outlined for Bitcoin. Instead, he believes Bitcoin will likely reverse from its current price range. He predicts that the flagship crypto will rise to <\/span><a href=\"https:\/\/bitcoinist.com\/standard-chartered-100000-bitcoin-pre-us-elections\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">as high as $100,000<\/span><\/a><span style=\"font-weight: 400\"> in the long term.\u00a0<\/span><\/p>\n<figure style=\"width: 3286px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/m26QaZsZ\/\" alt=\"Bitcoin price chart from Tradingview.com\" width=\"3286\" height=\"1578\"><figcaption class=\"wp-caption-text\">BTC price struggles against bears | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Veteran trader Peter Brandt has raised the possibility of Bitcoin dropping to as low as $44,000. He predicted this could happen based on a technical indicator that paints a bearish outlook for the flagship crypto.\u00a0 Why Bitcoin Could Drop To $44,000 Brandt predicted in an X (formerly Twitter) post that Bitcoin could drop to as low as $44,000 if the flagship crypto has completed a double top. A double top is a bearish pattern that indicates that BTC could witness a severe reversal to the downside, having hit two consecutive peaks and a moderate decline between them. Related Reading: Dogecoin Vs. Shiba Inu Vs. PEPE: Comparing The Profitability Of The Top Meme Coins Based on Brandt&#8217;s chart, the flagship crypto may have completed a double top. However, another analyst, JK, responded to Brandt\u2019s post, noting that the depth of the top in Bitcoin is around 10% of its price. Based on this, JK suggested that it is unlikely that Bitcoin formed a double top since Richard Schabacker (one of the greatest analysts) said that 20% and not less is required for a true double top to form.\u00a0 Brandt seemed to agree with JK\u2019s reasoning, suggesting that it was also possible that a double top hasn\u2019t been completed and that Bitcoin could witness a bullish reversal from its current price range. Some other analysts also shared their thoughts in response to Brandt\u2019s post. One of them, Colin, mentioned that he doesn\u2019t think that was a double top for Bitcoin.\u00a0\u00a0 Colin added that there was too much strength on these two bounces off the lower ranges and back into the channel to assume a double top. Instead, he believes that Bitcoin\u2019s recent price action is currently an accumulation and not a distribution range.\u00a0 Based on Schabacker\u2019s analysis, another analyst, Chartvist, also explained why it is unlikely that BTC has formed a double top. The analyst mentioned that the volume profile is not in line with the technical of a double top as there is usually a high volume for the first peak and a low volume for the second peak.\u00a0 How BTC Could Drop To $44,000 Crypto analyst CrediBULL Crypto recently provided insights into how Bitcoin could drop to the $40,000 range. He stated that Bitcoin dropping to the demand area at $53,000 could kickstart such a downtrend. However, BTC will need to fail to hold above $53,000 for the possibility of Bitcoin dropping to $44,000 to become feasible.\u00a0 Related Reading: Finance CEO Raoul Pal Says Crypto Will Reach $100 Trillion Market Cap \u2013 Here\u2019s When CrediBUILL Crypto is optimistic that BTC won\u2019t drop to such levels. He noted that this was \u201cthe least likely to actually play out\u201d among all the scenarios he had outlined for Bitcoin. Instead, he believes Bitcoin will likely reverse from its current price range. He predicts that the flagship crypto will rise to as high as $100,000 in the long term.\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":628437,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,656,679,1119,89185,1122,1144,78790,6664,89756,8899,92324],"class_list":["post-628404","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-trader","tag-trader","tag-trader-news"],"acf":[],"yoast_head":"\n<title>Legendary Trader Peter Brandt Says Bitcoin Could Crash To $44,000, Here\u2019s Why<\/title>\n<meta name=\"description\" content=\"Veteran trader 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