Peter Brandt Warns of Bitcoin Crash to $70K Amid Market Turmoil

Bitcoin is trading below $86,000 as market sentiment remains cautious ahead of key US inflation data.
The price dropped over 1.4 percent today, with trading volume down by 2.4 percent to $25.8 billion.
Bitcoin Futures Open Interest fell by more than 1.5 percent, reducing traders risk appetite.

Bitcoin (BTC) prices are trading lower today as the broader market sentiment is weakened ahead of key US economic data. The digital asset dropped below $86,000 as traders remained cautious. At the same time, analysts noted mixed predictions, with bearish and bullish possibilities looming over the short term.

Bitcoin Slips Below $86K Amid Market Uncertainty

The Bitcoin market decreased by over 1.4% at the start of the business day when its price moved below $86,000. Throughout the latest day, Bitcoin achieved both its highest trade point at $87,702.17 and its lowest point at $85,837.93. Market activity showed a decrease in trading volume because it fell by 2.4% to reach $25.8 billion.

Market players remain hesitant while waiting for US PCE inflation data to be released today. They currently maintain a wait-and-see approach to evaluate any impact the inflation data may have on Federal Reserve monetary decisions. If the inflation data produces positive results, it might lead the Fed to cut interest rates and strengthen crypto market sentiment.

Market risk sentiment becomes more conservative as Bitcoin Futures Open Interest decreases by less than 1.5%. The market shows decreased interest in new positions because traders doubt the stability of macroeconomic indicators. Market stakeholders will not alter their approaches or return to trading until they receive enough information about the current situation.

Peter Brandt Predicts Potential BTC Drop to $70K

Veteran trader Peter Brandt expressed Bitcoin price correction predictions through technical measurement of charts. The market expert HTL-NL posted predictions that BTC will decline to $76,700 and potentially reach $70,000. Brandt evaluated the mentioned prediction through existing market patterns and declared it would likely play out.

Source: X

Market commentators suggest this prediction at a time when Bitcoin faces challenges maintaining significant buying support after its recent price run-up. The $90K region is an essential support area, but brief declining action would undermine this positive interpretation. The pessimistic market perspective has motivated investors to foresee additional price drops before substantial price recovery.

The predicted market crash exists in speculation territory since most influence comes from market responses to upcoming economic statistics. A strong US PCE inflation data performance may quickly transform the bearish outlook into a bullish one. Current market investors have divergent thoughts about guarding funds over the short run and maintaining faith in future gains.

Analysts Remain Divided on Bitcoins Next Move

Analysts make positive forecasts about Bitcoins future despite the current trend of pessimism. According to Javon Marks, parallel market conditions exist between present times and the previous 2020-2021 market bull phase. According to his observations, the market could show further growth, which could push Bitcoin toward $116,600 to $118,800.

Market expert Michael van de Poppe stated that each market dip has witnessed a rise in purchasing activity. The drop in Bitcoin prices demonstrates strong underlying market strength because the price rebounds rapidly. The market analyst predicts that Q2 will bring a market breakout after successfully breaking essential resistance levels. The bullish momentum for Bitcoin requires it to establish substantial volume by surpassing the $90K level to continue its upward trajectory. An insufficient breakout from this area may extend until another price increase occurs.

Text source: TronWeekly

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