The current price of Bitcoin threatens to break the bullish momentum of the largest digital currency, according to analyst Peter Brandt.
According to renowned analyst Peter Brandt, the current price of Bitcoin is a dangerous sign that could point to the start of a downtrend. In his account on the social network, X, he expressed that the movement of the digital asset is “very suspicious.”
In the past few days, the most important of the cryptocurrencies in market capitalization experienced a harsh correction that made investors tremble. For Brandt, it could be the start of a break in the currency’s uptrend. So far this year, the cryptoactive maintains an ROI greater than 70%.
However, that could change if the value of BTC fails to hold above the uptrend line. Meanwhile, pulling back below $24,800 would destroy the daily and weekly charts. Thus, the expert comments that the currency is in the middle of a very dangerous crossroads.
The Danger of the Current Bitcoin Price
Brandt, who predicted the 2018 correction of the pioneer coin, believes that there is now a compromising situation for it. In that sense, the current price of BTC could erase much of the gains that give it this year a strong bullish trend that surpasses almost all financial assets.
On August 18, Brandt posted on X the following:
“The decline in Bitcoin $BTC is once again retesting the neckline on the underlying inverted H&S. A close below 24,800 (the low of the previous retest) would do damage to the daily and weekly graphs. But hey, what do I know? I am only a boomer who does charting.”
Since the end of June, the exchange value of BTC has been parked in the vicinity of $30,000 per coin. Since then, it has been in the longest period of low volatility in its history. However, that situation changed on August 16, when the currency began to fall dramatically. In fact, the collapse of BTC in recent days is the largest recorded since the fall of FTX in November 2022.
The factors that caused the fall of Bitcoin to the current price are varied. The most prominent were China’s real estate and economic situation, SpaceX’s reported BTC stock sales, and macroeconomic fears.
Current Value of BTC
The price of Bitcoin is at $26,183 per coin, according to data from CoinMarketCap. The latter represents a drop of -10.66% during the last 7 days and a slight recovery of 0.30% in 24 hours. The most optimistic in the community expect BTC to recover from the stumble after offering a very attractive low price for investors.
In the field of bulls, the pseudonymous analyst @CryptoProfe stands out, who makes some considerations from his X account. In his opinion, the recent liquidation of the coin pushed the relative strength index (RSI) to its highest level in more than 20 months. Consequently, this could refer to a possible oversold situation that would allow a rebound of +60% in the value of the digital currency.
“Every time the RSI has been less than 30, the price of BTC has risen between 28% and 60% afterwards. There is no reason to be bearish,” he wrote. With this, the expert suggests that it is a once in a lifetime opportunity to buy before the new rebound in the oldest cryptocurrency price.
By Audy Castaneda