Bitcoin is expected to reach $28,000, according to Peter Brandt.

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Bitcoin is expected to reach $28,000, according to Peter Brandt.


 This is not investment advice; instead, it is offered for informational reasons only. It does not necessarily reflect U.Today's viewpoint. Because every investment and every trade has risk, you should always conduct your own research before making any decisions. We do not advise investing funds that you cannot afford to lose.

Bitcoin might reverse course, according to a famous trader with over 50 years of expertise, and fall below $30,000. The trader speculated that the next reversal might see the price sink below the rising channel.

Since the middle of February, the trader has been using a very frequent pattern that Bitcoin has been creating. The channel's completion normally results in a decrease equal to the channel's width, as seen in the diagram.


The daily BTC chart shows that it has already left the channel and is currently in free decline, with no substantial support zones built along the way. At about $35,000, several traders and investors are counting on a turnaround.

Brandt did not pick $28,000 at random; it is the price that would be achieved following a drop equivalent to the prior range in which Bitcoin traded. Unfortunately, Bitcoin continues to track the performance of tech stocks and the stock market in the United States.

Unfortunately, even after the most recent reversal to $47,000, during which it broke down from the ascending channel, triggering a shift in the cryptocurrency's attitude market, Bitcoin continues in a strong slump.

Bitcoin is now trading at $37,980, up a few percentage points in value, although this should not be seen as a big price increase or a basis for a turnaround.



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