Veteran Trader Peter Brandt Predicts Bitcoin Could Crash to $12,700
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Peter Brandt Predicts Bearish Outlook for BTC
Peter Brandt, a popular veteran futures trader has made a negative analysis of the world’s largest cryptocurrency by market cap, Bitcoin (BTC).
Earlier today, Brandt predicted that Bitcoin (BTC) could fall as low as $12,700 in the near future unless the digital asset closes above the May 31 high when it surged to $32,206.
“Unless Bitcoin $BTC can close above the May 31 high, this chart could become a textbook example of the famed 'Drano' chart pattern,” Brandt wrote in his tweet.
However, the trader also admits that the $20,000 support is "very solid," meaning that the most bearish scenario remains unlikely for now.
Dipping Below $25,000
The global crypto market cap was around $1.1 trillion due to a huge correction in the valuation of Bitcoin (BTC), with the cryptocurrency diving below $25,000. The bears in the crypto market come after the U.S. inflation hits a fresh 40-year high.
BTC is currently trading at $24,361 down 11.3% from the past 24 hours. Following this, the cryptocurrency's market cap dived down to nearly $464 billion.