Analyst Who Accurately Called Massive Bitcoin Crash Has Bad News for Crypto Traders – Here’s His New Target


Seasoned market analyst Peter Brandt is warning Bitcoin traders and investors alike, saying that BTC is poised for a sharp corrective move.

Brandt tells his 636,800 Twitter followers that Bitcoin has broken down from crucial diagonal support that has kept BTC afloat for the first few months of 2022.

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“The completion of a bear channel typically results in a decline equal to the width of the channel, or in this case a hard test of $32,000 or so – my guess is $28,000
This does NOT make me a hater BTC.”

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Source: Peter Brandt/Twitter

At time of writing, Bitcoin is trading at $38,605, nearly 40% away from Brandt’s downside target of $28,000.

Brandt is also keeping a close watch on the US dollar index (DXY), which pins the USD against a basket of fiat currencies.

According to Brandt, the DXY looks ripe for a massive breakout after trading in a wide range for about six years.

“Compounding the debt squeeze is the fact that global debt is collateralized in USDs and [DXY] is poised to blow through the ceiling.”

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Source: Peter Brandt/Twitter

Traders often monitor the performance of the US dollar index to gauge market sentiment as a strong DXY suggests investors are selling risk-on assets like crypto to move to the safety of the dollar.

Related:  Bitcoin Market On Verge Of Greed, But Investors Remain Hesitant

Last month, widely followed analyst Michaël van de Poppe said that a bearish DXY reversal will ignite a strong rally in the crypto markets.

“Still waiting for this one to turn around, then the party of crypto will begin.”

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Source: Van de Poppe/Twitter

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Featured Image: Shutterstock/agsandrew




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