Commodities trader Peter Brandt conducted a survey on Twitter regarding the possibility that Bitcoin will soon fall below $ 30,000.

Bitcoin survey question

When $ BTC crashing through $ 30,000 how deep will it go?
1. Won’t break $ 30,000
2. $ 25,000
3. $ 20,000
4. Well under $ 20,000

– Peter Brandt (@PeterLBrandt) July 8, 2021

Some of the options Brandt offers for the survey include Bitcoin valued at $ 25,000, $ 20,000, and even much lower. However, it also left an option for those who predict the price will hold above $ 30,000.

After 4 hours of voting, 31% decided Bitcoin would not go below $ 30,000. 25.3% believe it will crash below $ 20,000.

24.6% thought BTC would trade in the $ 25,000 to $ 20,000 range, and 19.1% voted for the $ 25,000 to $ 30,000 range.

In the comment thread, Peter Brandt shared a chart showing why he predicts Bitcoin could soon drop below $ 30,000.

Source: Peter Brandt

Peter Schiff “chooses” Bitcoin at 10,000 US dollars

Ani-Bitcoin also met Peter Schiff, CEO of Euro Pacific Capital given a scenario similar to Brandt. The difference is that the Schiff-Gold-Bug believes Bitcoin will drop below the $ 10,000 mark.

“Bitcoin continues to form the right shoulder of an ominous head-and-shoulders pattern. If Bitcoin breaks above June lows, the market could easily plunge below $ 10,000, especially if leveraged speculators are forced to sell. Nobody seems to recognize this possibility. “

He claims this will happen because Bitcoin is currently drawing a head and shoulders pattern. Usually this pattern signals a trend reversal. Another reason he cites is that leveraged traders might be forced to panic selling if BTC drops to $ 10,000.

According to Schiff’s comment, $ 20,000 will be a tough drag.

Contrary to the negative predictions, in tweets In his latest release, veteran trader John Bollinger claims that the crypto market may be entering “a new mode”.

The famous analyst, the inventor of the technical indicator “Bollinger Bands”, has found some “unusual” trading patterns.

“The recent crypto trading patterns are quite unusual. Are you wondering if we are entering a new regime? “

Bitcoin has been range trading for the past 2 weeks and the bulls have so far failed to break the huge resistance at $ 36,000.

BTC / USD 4-Hour Price Chart | Source: Tradingview

Meanwhile, analytics platform CryptoQuant said the net flow of Bitcoin (30-day MA) will remain negative as of June 15.

This means that Bitcoin is being moved from exchanges to cold stores by both institutional and retail investors. Usually such a situation leads to an increase in asset prices.

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