Peter Brandt called Ethereum at $1200; now will Bitcoin follow suit?

Vinod Dsouza
Bitcoin Ethereum BTC ETH bull run
Source: Unsplash

Veteran analyst and popular futures trader, Peter Brandt had accurately predicted last week after reading the chart patterns that Ethereum could fall below the $1,200 mark. At that time of his prediction, ETH was hovering between the $1,800 to $1,900 mark. A week later now, Ethereum is trading below $1,200 and his prediction turned out to be accurate.

Read More: Why Is The Crypto Market Crashing Today?

If Ethereum dipping to $1,200 was scary, Brandt has painted an extremely gloomy picture for Bitcoin. Brandt, in his recent tweet, predicted that Bitcoin could plummet below the $13,000 range, unless it closes above its May 31 high, when BTC surged to $32,206.

BTC closing above $32,206 seems to be impossible at present as the bear market has taken over the sector. Therefore, similar to Brandt’s accurate prediction of Ethereum, his second right prediction could be that of Bitcoin. We will have to wait and watch if Brandt’s prediction turns out to be true in the next coming weeks.

“Unless Bitcoin BTC can close above the May 31 high, this chart could become a textbook example of the famed ‘Drano’ chart pattern,” he predicted. He followed up his tweet with, “The massive double top counts to around 13,000.”

Read More: Will Bitcoin Fall to $0?

However, many others in the industry have predicted that Bitcoin could bottom out at around $18,000 to $11,000. Read here to know more details about the predictions of BTC falling much lower in the indices. Even the CEO of JP Morgan, Jamie Dimon had recently predicted that Bitcoin will fall drastically and all crypto investments will be under water.

Bitcoin & The Crypto Market’s Bloodbath

bitcoin btc crash to 11000
Source: Twitter

The year 2022 started off on the backfoot showing no real gains for six consecutive months. Bitcoin either dipped or traded sideways the entire year and dragged the crypto market down along with it. To add salt to injury, the TerraUST and Luna fiasco eroded trust among investors about the happenings in the crypto sector. The Celsius dramatic 70% fall yesterday gave investors the jitters that another Luna could be in the making.

Nonetheless, the second half of the year could also remain the same and could test the patience of crypto investors. A bull run is nowhere on the horizon as talks about an upcoming recession are already doing the rounds. It is advised to trade cautiously and not blindly buy the dip as the market is expected to head south further.

Read More: Celsius moved $320m to FTX before halting user withdrawals, transfers

At press time, Bitcoin was trading at $22,741 and is down 10.37% in the 24-hours day trade. The leading crypto is also down 67.4% from its all-time highs of $69,044, which it reached in November 2021.