Peter Brandt – a veteran derivatives trader – believes that Bitcoin’s price is likely to keep plunging. Meanwhile, the cryptocurrency seems to be at a tipping point, trading slightly above $20K.
Peter Brandt is a well-known derivatives trader with almost 50 years of experience and is also a common cryptocurrency commentator.
Yesterday, he came up with a forecast that the next target for the BTC price might very well be around $13,000 based on a double-top pattern.
To those unaware, a double top is a particularly bearish technical reversal pattern. It forms after an asset manages to reach a high price two consecutive times, spread with a moderate decline between the two.
The pattern is generally considered confirmed once the price falls below a support level that’s equal to the low sitting between the two prior highs.
Arthur Hayes – former CEO of BitMEX – also speculated yesterday that $20,000 is a very critical level for Bitcoin.
As far as the charts go, you better get out your Lord Satoshi prayer book and hope the lord shows kindness on the soul of the crypto markets. Bc if these levels break, you might as well shut down your computer because your charts will be useless for a while.
The critical level for Ethereum is $1,000 (according to Hayes), and the cryptocurrency came particularly close of breaking it. As CryptoPotato reported earlier today, there are speculations that one of the largest cryptocurrency hedge funds – Three Arrows Capital (3AC) – is also facing massive on-chain liquidations at around this level, which could propel further selling pressure.
At the time of this writing, bitcoin’s price trades at slightly above $20,000, whereas ETH sits at $1,050.
