Key Notes
- Bitcoin price is displaying bearish consolidation amid a broader market selloff.
- Top trader Peter Brandt is not ruling out a retest of the $70,000 floor.
- Analysts have divided opinion on the short-term trajectory of the top coin .
The price of Bitcoin BTC $83 791 24h volatility: 3.6% Market cap: $1.67 T Vol. 24h: $33.60 B has dropped below $86,000, raising concerns about further declines. In his X post, legendary trader Peter Brandt has weighed in on the situation, acknowledging that a fall to $70,000 is a reasonable expectation. This decline comes as traders and investors look forward to the US PCE inflation report, which could influence the market’s direction.
Bitcoin Under Pressure as Investors Await Inflation Report
Current market data shows that the price of Bitcoin is down by over 2.86% in the past 24 hours. According to CoinMarketCap, Bitcoin has been trading at around $85,247.20 as sellers dominate the market.
Notably, the digital asset market has continued to record general volatility, with Bitcoin’s trading volume declining by 2.4% to $25.8 billion.
Unfortunately, this negative price swing has spurred concerns that Bitcoin could drop even further, possibly reaching a low of $70,000. Despite being known as a Bitcoin bull, Peter Brandt, a widely respected trader, has backed this possibility.
In an X post, Brandt reacted to an analysis from market expert HTL-NL. The analysis speculates that Bitcoin could experience a price decline to $76,700 or even $70,000.
Brandt responded that this was not an unreasonable expectation, suggesting that he agrees with the assessment. The crypto market is experiencing uncertainty, with traders holding back their investment plans before releasing the US PCE inflation data.
Some experts believe that if inflation is lower than expected, the Federal Reserve might ease interest rates, which could help Bitcoin’s price recover.
On the other hand, if inflation stays high, the government could keep rates steady or increase them, adding more pressure on risk assets. Notably, not everyone agrees that the price of Bitcoin will drop. Some analysts see Peter Brandt’s prediction as another speculation of Bitcoin volatility at play.
For instance, crypto analyst Javon Marks recently shared on X that Bitcoin climbed from $19,000 to $67,543. He believes Bitcoin could still reach $116,600 or even $118,800 per historical trends.
He believes that while a dip to $70,000 could happen, Bitcoin is more likely to move sideways before another big jump.
Will Bitcoin Crash or Hit a New High?
Coinspeaker earlier reported that Bitcoin’s supply on exchanges has fallen to its lowest level in over seven years.
Many experts believe this could indicate a shift in market sentiment with possible bullish effects. While some expect Bitcoin to drop, others see the current dip as a setup for a strong rebound.
Michael van de Poppe, a well-known crypto analyst, noted that recent dips have been absorbed quickly. For him, this means buyers are stepping in. He believes that a potential breakout is possible if Bitcoin moves past $90,000.
Crypto expert Arthur Hayes also expects Bitcoin to rise to $110,000 but cautions that it might drop to $76,500 afterward.
Some investors think that as Bitcoin stays above $85,000, it could build momentum and climb to new highs. Instead of crashing, they believe Bitcoin could be gearing up for another big move.
nextDisclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
