Cryptocurrency Shocker: Bitcoin Could Plunge to $44,000, Warns Market Veteran

21

Acclaimed market veteran, Peter Brandt, recently put the global cryptocurrency market on edge by suggesting the well-regarded digital currency Bitcoin could nose-dive to a nerve-jangling low of $44,000. The cataclysmic prediction was based on a technical indicator, emanating a somber prediction about the digital asset’s future.

In a widely-followed social media update, Brandt crafted a theory concerning Bitcoin’s future trends. His analysis centered on a phenomena known as the “double top”, an ominous occurrence where a security, in this case, Bitcoin, hits two successive highs with a shallow drop in between. This pattern is often viewed bearishly, suggesting a severe downward pivot may be imminent.

Follow us on Google News! ✔️


Brandt’s chart interpretation points to the possibility of Bitcoin having achieved this dubious milestone. An alternative interpretation, however, was offered by another seasoned watcher of financial ebbs and flows, known by his initials JK. In response to Brandt’s double top theory, JK proposed that, based on Bitcoin’s price, the top’s depth is approximately around 10%. Drawing on the expertise of legendary analyst Richard Schabacker, JK noted a 20% depth is necessary for a double top to materialize.

Brandt conceded to this counter-argument, hinting at the probability that the dreaded double top may not have materialized yet, leaving wiggle-room for a potential bullish trend. Other financial pundits chimed in too, expressing skepticism to Brandt’s double top diagnosis. Colin, another analyst, contested that the two recent price rebounds exhibited too much vigor to be classified under the pessimistic double top banner. He, instead, portrayed the recent fluctuation as an accumulation phase rather than a distribution phase.

Offering more resistance to the double top inference, Chartvist, another follower of market trends, pointed to the inconsistency of trading volumes, which weren’t in accord with the classical double top pattern, which characteristically shows a high volume for the initial peak, and a low one for the following peak.

Crypto guru, CrediBULL Crypto, on the other hand, provided another route to the chilling $44,000 mark. If at any point, the buoyant Bitcoin fails to maintain ground above $53,000, it could potentially trigger a descent into the haunting depth of $40,000s.

Nonetheless, CrediBULL Crypto maintained an optimistic stance, reassuring audiences that the odds of such a drastic slide were slim. Instilling confidence, he sees this as “the least likely to actually play out” scenario amongst numerous that he had postulated. His bold long-term prediction for the flagship digital asset is that the Bitcoin Bull will not only hold its ground but also majestically surge to monumental heights of $100,000.