Recent predictions by Peter Brandt about a possible drop in Bitcoin to $76K have sparked disagreements among analysts. Some experts, like those at Coinbase, believe current price levels may present buying opportunities.
Short-Term Correction for Bitcoin
Peter Brandt, a renowned trader, has predicted a possible short-term correction of Bitcoin (BTC) to $76K. This statement comes despite the cryptocurrency rallying 6% last week, briefly reclaiming the $85K mark. Brandt's argument is based on BTC's bearish rising wedge on the 4-hour chart and he noted, 'The advance off the April lows looks more corrective than it does impulsive.'
Opinions from Coinbase Analysts
Coinbase analytics and other experts suggest that BTC's current value is 'fair' and are witnessing renewed accumulation. In their weekly market report, Coinbase analysts stated, 'While accumulation by long-term holders (LTH) is not necessarily indicative of an imminent price jump, we do think it suggests that a growing segment of fair value buyers are seeing current BTC price levels as a buying opportunity.'
Key Levels to Watch
Many experts, such as Stockmoney Lizards and Michael van de Poppe, highlight the current price action's similarity to last year’s accumulation phase. Analysts point out three key levels to watch in the short term – $86K, $84K, and $82.7K – which may serve as important liquidity levels and influence price dynamics.
Analysts' opinions on the future direction of the Bitcoin market vary. Peter Brandt's predictions suggest a potential drop, while Coinbase analysts believe current price levels could offer opportunities for buyers. Time will reveal the market's developments.
