• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
Breaking News: How Uniswap Was Deployed On The Binance Smart Chain
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: How Uniswap Was Deployed On The Binance Smart Chain

Peter Brandt Bearish After Bitcoin Breaks Bullish Trend, Expects Further Reversal

Tony "The Bull" by Tony "The Bull"
4 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 3 mins read
Advertisement

After two full months of a parabolic uptrend, Bitcoin’s bullish momentum has started to wane, and a deep, overdue correction is expected by much of the crypto community. Following a strong rejection at $9,000, Bitcoin price has fallen below $8,000 where it’s retesting the former support turned resistance.

The break in Bitcoin price parabola back at the crypto asset’s all-time high of $20,000 resulted in an over 80% decline in value – a decline almost perfectly predicted by professional career trader Peter Brandt. In the wake of the break of Bitcoin’s most recent parabolic rise, the trader is back at it once again, calling for a 33% decline in the Bitcoin price that could take the asset to the $5,000 region.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

Peter Brandt Targets $2K Bitcoin Price Target After Recent Rally “Doji Top”

At the start of April, Bitcoin left behind its range below $4,200 and never looked back, breaking through major resistance level after major resistance level with relative ease. The powerful bullish rally took the price of Bitcoin to a local high of $9,000 before a violent rejection sent the price plummeting $1,000 in a matter of minutes.

Price recovered, but was unable to re-enter a triangle chart formation, essentially confirming that the rally was indeed over.

Related Reading | Bitcoin Price Targets at Bottom Show That Crypto Markets Are Unpredictable

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

Another indicator the rally had ended, according to professional career trader Peter Brandt, is a “Doji top” on Bitcoin’s weekly chart. Doji candles at the top or bottom of a trend signals exhaustion of the said trend, and could indicate that a reversal is near.

Further evidence painted on the chart can be seen in increasingly smaller green candles leading up to the Doji. This week’s candle is already well in the red, and after four consecutive monthly green candle closes, the probability that Bitcoin closes the month of June in the red is high.

Doji top on weekly chart begins correction. $BTC pic.twitter.com/9L9YCZbrP8

— Peter Brandt (@PeterLBrandt) June 4, 2019

In Brandt’s analysis that the “correction” beginning with the Doji top on the weekly chart, his chart appears to highlight a price target – depicted by the parabolic uptrend support seen in red, which states that BTC could fall all the way to $5,000. 

Such a target would suggest that a nearly 33% decline in value from here is next for Bitcoin holders who just recently shed their disbelief and moved into the hope phase that a new bull run may be beginning.

A drop of 33% to new Bitcoin’s cycle low would be a devastating blow to the entire crypto market, and potentially have long-term negative implications as most long-term moving averages would see a death cross once again.

Coming out of a bear market with such bullish momentum, it’s difficult to consider that Bitcoin price may fall back down to new lows, but Peter Brandt in the past has called the price targets of parabolic breaks with chilling accuracy.

Related Reading | Peter Brandt Calls For 80%+ Bitcoin Price Decline Over A Year Ago With Chilling Accuracy

Should the career trader be correct once again, there’s a lot more pain to come for Bitcoin investors. It’s also worth noting, though, that Brandt recently tweeted that Bitcoin had “stabilized” and was “dipping” his “toes” back into the water with a position in Bitcoin – an asset he’s repeatedly claimed to be bullish on long-term.

Take from his flip-flopping stance what you will, but there’s no denying the next days in Bitcoin are critical and will have a major impact on where the asset trends next.

Featured image from Shutterstock
Tags: bitcoinbitcoin pricedojiparabolaPeter Brandt
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Tony "The Bull"

Tony "The Bull"

Tony "The Bull" is a level 3 CMT student (passed level 1 & 2), technical analyst, Bitcoin supporter, and avid speculator. Tony is deeply fascinated by core market principles such as Elliott Wave Theory as they tie into mathematics like Fibonacci ratios. Market timing though DeMark indicators, Ichimoku, Gann tools, or Hurst Cycle Theory are also of key interest. Tony provides completely original content driven by exclusive, independent research. For more insights and education from Tony, check him out on Twitter or in his free TonyTradesBTC Telegram channel. Follow @TonyTheBull on Twitter and search CoinChartist on YouTube.

Related Posts

Hot Wallets Exploits Push This Crypto ATM Maker To End Cloud Service

Hot Wallets Exploits Push This Crypto ATM Maker To End Cloud Service

1 hour ago
Ethereum

Ethereum Unsettling Investors As Downward Price Potential Grows

2 hours ago
Paxful Founder Bank banned

Paxful CEO Says He Has ‘Lost’ 5 Bank Accounts

3 hours ago
Catholic Church Washington

A Catholic Church In Washington Now Accepts Crypto Donations, Why It Matters

4 hours ago
Bitcoin To $30,000? Fed Unveils New Tool To Bailout Non-US Banks

Bitcoin To $30,000? Fed Unveils New Tool To Bailout Non-US Banks

7 hours ago
Bitcoin price

Bitcoin Price Barrels Past $28,000 – Can BTC Keep Pushing This Week?

8 hours ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
Coinplay

Coinplay

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
Coinplay

Coinplay

Review · Visit

Aave News Points To Head Of Development In Search Of AI Solutions – Avorak AI Proves Itself In ICO Phase

March 20, 2023

New Meme Project Love Hate Inu Raises $1 Million & Enters Stage 2 of Presale

March 20, 2023

TMS Network (TMSN) Holders Enjoy Gains in Presale Attracting New Investors from PancakeSwap (CAKE) And Algorand (ALGO)

March 20, 2023

USD Coin (USDC) And Cardano (ADA) Suffer Losses While TMS Network (TMSN) Explodes in Presales

March 20, 2023

TMS Network (TMSN) Emerges as the New Favorite of Investors, Leaving Filecoin (FIL) and Arweave (AR) in the Dust

March 20, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins
  • Play Finance

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.