Peter Brandt Claims Bitcoin's Decline Is the 'Best Possible Outcome'
Peter Brandt's Bitcoin Outlook: Veteran trader Peter Brandt dismisses bullish predictions of Bitcoin reaching $200,000 this year, suggesting the next major upcycle may not peak until Q3 2029, and views the current correction as a necessary reset for long-term growth.
Comparison to 1970s Commodities: Brandt likens Bitcoin's current price structure to the soybean market of the 1970s, indicating a potential significant decline ahead, as Bitcoin has already dropped over 20% from its recent high.
Bear Market Indicators: Analysts are increasingly declaring Bitcoin in a bear market, citing key technical breakdowns, including losses below critical moving averages and the formation of a "death cross," which historically precedes significant price declines.
Surging Realized Losses: Realized losses among Bitcoin holders have surged to levels reminiscent of the 2022 FTX collapse, driven primarily by short-term holders, raising concerns about prolonged bear phases and potential further declines in Bitcoin's price.
Get Real-Time Alerts for Any Crypto Movement
Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC) As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 0 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 35985.076 | 47992.538 | 60255.096 | 72262.558 | 84525.116 | 96532.578 | 108795.136 |
| Fibonacci | 47992.538 | 57263.686 | 62991.41 | 72262.558 | 81533.706 | 87261.43 | 96532.578 |
About BTC
About the author
