Bitcoin Price Crash Looms as Whales Sell Off Over 30K BTC, Says Peter Brandt
Qadir AK11 Oct 20242 min read
Bitcoin (BTC) price dropped to a three-week-low of about $58.9k in the past 24 hours but has since rebounded amid rising calls by investors to buy the dip. Although the flagship coin has since rebounded above $60k, following the announcement of the U.S. CPI data that suggested more Fed rate cuts on the horizon, market pundits believe the bad days are not yet behind.
In the daily time frame, Bitcoin price has been trapped in macro lower lows and lower highs but has gradually gained Bullish momentum in the recent past. However, Bitcoin price must consistently close above the resistance high of $71k for the macro bull run to continue.
Analysts Expectations for Bitcoin Price Action
From a technical analysis point of view, Bitcoin price must rebound from the current support level of around $60k in the next two weeks to avoid further bearish sentiments.
According to veteran trader Peter Brandt, whenever Bitcoin price has stayed more than 30 weeks without making a new all-time high (ATH) a 75 percent drop has occurred in the subsequent months.
In case of a 75 percent from the current levels, Bitcoin price could drop below $15k, thus invalidating a potential rebound in the near future. Moreover, the altcoin industry will follow the same pattern resulting in heavy crypto liquidations ahead.
Previously, Brandt noted that Bitcoin price could drop 20 percent towards $48k before rebounding to a new all-time high, with a bull market target of about $135k by the third quarter of 2025.
Market Picture
Around three weeks to the US 2024 general election, Bitcoin price could largely gain bullish momentum, based on previous elections. A bullish rebound for Bitcoin could also impact the altcoin space, which has been moving in tandem in the recent past.
Already, the altcoin market cap has successfully retested the bullish breakout, signaling a potential rally in the near term.
