Bitcoin’s Price May Soon Fall To $13,000

Bitcoin’s price has a negative forecast of $13,000, according to Peter Brandt, who cites a double-top technical pattern.

Peter Brandt is a well-known derivatives trader and cryptocurrency commentator with nearly 50 years of expertise. Based on a double-top pattern, he predicted that the next objective for the Bitcoin price may be about $13,000 yesterday.

A double top is a highly unfavorable technical reversal pattern for those who are unfamiliar with it. It arises when an asset achieves a high price for two consecutive days, followed by a moderate decrease.

When the price goes below a support level equivalent to the low sitting between the two prior highs, the pattern is considered confirmed.

Former BitMEX CEO Arthur Hayes suggested yesterday that $20,000 is a significant level for Bitcoin.

As far as the charts go, you better get out your Lord Satoshi prayer book and hope the lord shows kindness on the soul of the crypto markets. Bc if these levels break, you might as well shut down your computer because your charts will be useless for a while.

According to Hayes, the threshold for Ethereum is $1,000, and the cryptocurrency came dangerously close to breaking it. There are rumors that one of the major cryptocurrency hedge funds, Three Arrows Capital (3AC), is also facing massive on-chain liquidations at this level, which might fuel additional selling pressure.

At the time of writing, bitcoin is worth somewhat more than $20,000, while ETH is worth $1,050.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Patrick

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