Although this statement does not please the most bullish enthusiasts about this digital currency, the expert asks that unexpected scenarios not be ruled out. It should be noted that a few weeks ago, Brandt himself predicted a growth in the price of BTC to $200,000 per unit.
Veteran trader Peter Brandt not only has bullish sentiments for Bitcoin, but also suspicions about a possible collapse in the currency’s price. In that sense, he highlighted three scenarios that could lead to the largest virtual currency in preference losing its 2024 profits.
During a recent analysis on March 16, the trader shared his perspective on a possible correction that could be quite abrupt. He raised several negative scenarios for the price of the currency. The first of them would be a parabolic movement that would reconnect the 2022 lows with those of September 2023, which could take the value of the currency to 40K.
Brandt admits that he is not completely convinced of this first scenario, so he leaves it for debate and doubt among analysts. A point in the expert’s favor is that flows into Bitcoin ETFs marked a back-to-back for the first time since January. The latter refers to consecutive days of red numbers.
Brandt’s Two Other Hypothetical Negative Scenarios for Bitcoin
The crash that threatens Bitcoin, according to Peter Brandt, could have an unexpected origin in the charts. The second scenario that he points out in his analysis has to do with a correction of the upper limit of the Bitcoin channel. The latter, he explains, accelerated on February 24, 2024.
This second scenario would take the price of the token between the range of $55,000 to $60,000 per unit. The fact that the expert also expressed doubts about this possible second origin of a corrective downward trend of the most popular cryptocurrency stands out.
The third scenario for a negative BTC result is an upward chop with corrections of less than 15%. In simple terms, this pattern would bring the price to some volatility, but without reaching the point of allowing it to crash or skyrocket sharply. In that sense, each correction would take the price of BTC to the level of $63,000 per unit.
According to Peter Brandt, this third scenario could be the most likely. As already said, the trader’s analysis is from last Saturday and seems to be right in the third case. Having that scenario as his favorite is probably linked to the currency’s strong volatility for several days.
To this scheme it must be added that in less than a month the halving will occur, which will restart a new period of scarcity.
Peter Brandt’s Perspective on Bitcoin Correction
A couple of days ago, Brandt assured that the current drop in the price of Bitcoin is a necessary and healthy correction for the market. In his opinion, these corrections are a natural part of Bitcoin’s life cycle and are essential to maintain its long-term integrity.
Through his account on X (formerly Twitter), the analyst mentioned a potential scenario in which Bitcoin could retest $52,000. At the same time, Peter Brandt clarifies that, if Bitcoin recovers to levels of 69,000 dollars, this pattern would be invalidated and a fall in the 50,000 area should not be expected:
“Bitcoin $BTC completes the top of H&S [head and shoulders] on the Real Range Chart Factor. This chart eliminates highlights, which I think cause more confusion than clarity (although I respect those who think otherwise). Remember that some H&S overshoot and many, if not most, fail to generate suggested pricing behavior and fail or transform.”
By Audy Castaneda
