Renowned analyst Peter Brandt, known for frequently interpreting short-term price movements of Bitcoin, has shared his insights once again.
In his latest post shared via account X, Peter Brandt mentioned the downward momentum in Bitcoin within his private group. Brandt outlined three scenarios for Bitcoin’s potential movements in the upcoming periods. The first scenario entails a correction down to $40,000 through a parabolic retreat, which Brandt considers the least likely scenario.
Another possibility is a correction towards the $55,000 – $60,000 range, which accelerates Bitcoin’s upward momentum. However, Brandt described this scenario as less probable. In his latest commentary, Peter Brandt’s most likely scenario is a correction of around 15% for Bitcoin, corresponding to the $63,000 region based on volatile price movements.
Based on this analysis, Brandt emphasizes the overall upward trend in Bitcoin, supported by sharing a renko chart. Thus, the analyst believes that according to his most probable scenario, the correction has come to an end.
Bitcoin started 2024 with a swift pace, yet it significantly increased its volatility. Particularly, after testing above $69,000 in March, Bitcoin’s price volatility surged. Today, after dropping to $60,775 in the early hours, Bitcoin has rebounded to above $64,000 amid buying pressure during European trading hours, marking an increase of over 5% from the low level. However, considering the nearly 20% decline in the past week, today’s buying pressure seems insufficient to reverse the trend.
source: tr.investing.com / prepared by Melisa Beğiç