Bitcoin (BTC) price successfully surpassed over $20K after struggling for over a month and held over the psychological level despite volatile market and macro conditions. Now, veteran trader Peter Brandt claims Bitcoin price may not witness another sharp decline.
Interestingly, Peter Brandt was the first to predict Bitcoin’s fall to $28,000, when the BTC price was trading at the $38,000 level in early May. He also predicted a drop to $22K.
Peter Brandt Negates Another Decline in Bitcoin
Veteran trader Peter Brandt in a tweet on November 5 shared that Bitcoin may not witness another sharp decline. While others await Bitcoin to trend lower, Brandt has different views on Bitcoin as the price jumps over $21,500.
“Trend lower but I’m thinking another sharp decline may NOT happen. For now I’m considering incandescent vision but will transition to LED then laser vision as warranted.”
Peter Brandt has made several accurate predictions regarding Bitcoin (BTC) previously. He successfully predicted Bitcoin decline below $28K when the price was trading near $39k. In a recent prediction, which he reiterated several times, Peter Brandt said the BTC price may touch a low of $14K. Also, the analysis was supported by popular analyst Big Cheds.
However, he now believes Bitcoin price may not witness another sharp decline. Peter Brandt accurately predicted Cardano (ADA) fall to $0.33, when it was trading at $0.50 for the last 4 months.
As per CoinMarketCap, Bitcoin (BTC) price currently trades at $21,368, up over 4% in the last 24 hours. The rally came after the U.S. reported an increase in the unemployment rate to 3.7% in October. The U.S. Dollar Index (DXY) declined 1% to 111.5, falling further to 110.72 today.
Other Factors Supporting BTC Bottom
Popular crypto analyst Michael van de Poppe predicted Bitcoin price will remain bullish despite the Fed rate hike. The next level for BTC price should be $22.4K. Moreover, Fed Chair Jerome Powell hints slowdown in rate hikes in the future.
Stablecoins flow has increased again, indicating large investors and whales are moving money in stablecoins. Historically, the recent Bitcoin rally in 2021 was supported by the stablecoins flow.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.