Recent price declines in Bitcoin have raised concerns among traders and investors. Veteran trader Peter Brandt shares his analyses and forecasts based on current market conditions.
Peter Brandt's Bitcoin Price Prediction
Peter Brandt commented on Bitcoin's price drop, which has fallen over 12% from its all-time high of $124,457 to $108,762. He noted that BTC needs to recover above the $117,570 level to alleviate the negative sentiment developed due to a double-top pattern.
Concerns Over BTC Crash
On-chain data from Lookonchain reveals that a prominent Bitcoin whale sold another 750 BTC worth $83.11 million. Data from CryptoQuant also indicates a drop in the 30-day moving average of the Taker Buy/Sell Ratio, reaching its lowest point since May 2018, suggesting potential selling pressure.
Bitcoin Dynamics and Nvidia Impact
Bitcoin's price experienced a bounce back due to buy-the-dip sentiment after recently declining. As of the writing of this article, BTC was trading around $112,424. Analysts are closely monitoring Nvidia's quarterly earnings reports, which could impact Bitcoin's recovery, as Nvidia's stock price has shown a high correlation with Bitcoin prices.
The Bitcoin market remains volatile, and traders are anticipating further developments, especially in light of upcoming earnings reports and market dynamics.
