Why Bitcoin Could Revisit $27K, Peter Brandt Says

Bitcoin is back below $40,000 as the general sentiment in the market seems to turn pessimistic. The first crypto by market cap has been unable to climb back to the $50,000 area and has been moving in a tight range around its current levels. Related Reading | Bitcoin Follows US Stock Dive, Experts Predict $37,500 Price Level Negative predictions for Bitcoin and other larger cryptocurrencies are increasing. The uncertainty around the war between Ukraine and Russia, and the U.S. Federal Reserve (FED) hike in interest rates seem to be the two main catalysts for the weakness in the global market. Legendary trader Peter Brandt seems to favor the short-term bearish thesis. Pseudonym users shared a Bitcoin price prediction with Brandt which suggest the cryptocurrency could revisit critical areas of support below $30,000. This could BTC’s price to $28,000 or $27,000 as soon as May or June this year. This prediction matches that of BitMEX CEO Arthur Hayes. He expects BTC and ETH to crash to $30,000 and $2,000, respectively. As seen below, in the chart presented to Brandt, Bitcoin would drop to its support zone before resuming its bullish momentum into uncharted territory. In the months after that, the first crypto by market cap could rise by about $100,000. Brandt said: Very possible. This has been my guess for many months. We will see. The crypto market is currently correlated with traditional finances. The price of Bitcoin has be...