Peter Brandt, an experienced derivatives trader, believes that the price of bitcoin is likely to continue to fall. Meanwhile, the cryptocurrency appears to be at a tipping point, trading just above $20k.
Bitcoin price could rise to $13,000
Peter Brandt is a well-known derivatives trader with almost 50 years of experience, as well as a well-known commentator on cryptocurrencies.
Yesterday he came up with forecast that the next BTC price target could very well be around $13,000 based on the double top model.
For those who don’t know, the double top is a particularly bearish technical reversal pattern. It is formed after an asset manages to reach a high price twice in a row, with a moderately decreasing spread between them.
A pattern is usually considered confirmed when the price drops below a support level equal to the low between the previous two highs.
Bearish sentiment all over
Arthur Hayes, the former CEO of BitMEX, also suggested yesterday that $20,000 is a very important level for Bitcoin.
As for the charts, you better get out your Lord Satoshi prayer book and hope the Lord will show kindness to the soul of the cryptocurrency markets. If these levels break, you can shut down your computer because your graphs will be useless for a while.
The critical level for Ethereum is $1,000 (according to Hayes), and the cryptocurrency was especially close to breaking it. As Crypto Potato Earlier today, it was reported that there are speculations that one of the largest cryptocurrency hedge funds – Three Arrows Capital (3AC) – is also facing massive on-chain liquidations around this level, which could cause further selling pressure.
At the time of this writing, the price of Bitcoin is trading just above $20,000 while the price of ETH is $1,050.
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Credit : cryptopotato.com