Peter Brandt sets a price target of $13,000 for Bitcoin price based on a double top technical pattern.
Peter Brandt – a veteran derivatives trader – believes that the Bitcoin price is likely to continue to plunge.
Peter Brandt is a renowned derivatives trader with nearly 50 years of experience and also a renowned crypto analyst.
Yesterday, he made a forecast that the next target for BTC price is most likely around $13,000 based on a double top.
Two tops (M) is a bearish reversal technical pattern. It forms after an asset tries to reach a high price twice in a row, and then plunges back down.
This pattern is usually considered confirmed when the price drops below the belly of M.
Arthur Hayes – former CEO of BitMEX – also speculated yesterday that $20,000 is a very important level for Bitcoin.
According to the charts, you’d better get your God Satoshi prayer book and hope the lord shows kindness to the soul of the crypto market. if these levels are broken you can also turn off your calculator as your chart will be useless for a while.
The key level for Ethereum is $1,000 (according to Hayes) and ETH is very close to breaking it.
At the time of this writing, bitcoin price is trading slightly above $20,000, while ETH is at $1,050.