KEY POINTS
- Analyst Peter Brandt: If BTC reclaims $32,000, $13,000 can be avoided
- Says Bitcoin has witnessed a double top
- Says current crypto winter will last a few more months
Peter L Brandt, the CEO of Factor LLC and the analyst known for accurately predicting the 2018 crypto winter, said Bitcoin (BTC) will drop to $13,000 if it remains incapable of reclaiming the $32,000 price region.
As of 11:02 p.m. ET, the world's biggest cryptocurrency is trading at $22,453, having rebounded slightly from the $20,000 price region, as per CoinMarketCap data.
Brandt has nearly 50 years of experience in the world of trading. He founded Factor, a global trading company that deals in proprietary capital, forex, futures, fixed income and equity markets, in 1980. Brandt's successful prediction of the 2018 crypto winter made him famous in the crypto community.
In a series of tweets earlier this week, Brandt explained the current scenario for Bitcoin and what could possibly happen in the near future. He said BTC could drop as low as $13,000, contrary to the belief held by many in the crypto community that it will rebound from the $20,000 price region.
The analyst added in another Twitter post that BTC has witnessed a double top, which is a bearish indicator in the world of technical analysis. A double top is a trend reversal pattern that forms when an asset (in this case BTC) reaches a high price two consecutive times with a moderate decline, forming an inverted 'W.'
Following the execution of the double top, a retracement towards $13,000 is possible, as per Brandt.
Brandt said the current crypto winter is expected to last a few more months and that a new all-time high will only be seen in 2024 when the next Bitcoin halving takes place.
How Can a Beginner Buy Bitcoin? Photo: Pixabay
