Analyst Who Knows Every Step of BTC: Bitcoin Can Dive to This Level!

The recent drop in Bitcoin price below $67,000 has sparked controversy among investors. This situation brought with it the fear of a further decline. In particular, famous analyst and veteran trader Peter Brandt, who correctly assumed that Bitcoin would drop to $16,000 in 2022, now warns that BTC could drop to $48,000.

Analyst claims Bitcoin price will drop to $48,000

cryptokoin.com As you follow from , the recent Bitcoin drop has caused ripples in the crypto community. The crypto’s failure to hold above the $67,000 level has led to heavy speculation about its future trajectory. In the midst of this, an important warning came from legendary trader and analyst Peter Brandt, whom we know for his accurate claims. In his latest statements, Brandt outlined a potential path for Bitcoin’s decline. In this context, the famous analyst, who knows every step of BTC, shared the following claims:

Sometimes the most obvious interpretations of a chart work, but other times the charts change form. But the most obvious is this: After BTC exceeds 65,000, the market goes to 60,000. The market, which exceeds 60,000, falls to 48,000.

In a Bitcoin price chart he shared, Peter Brandt stated that $65,000 and $60,000 are very valuable levels for the near future of Bitcoin. According to Brandt, a drop below $65,000 could push the price towards $60,000. Additionally, falling below the $60,000 level would open the doors of $48,000 for Bitcoin. However, Brandt also states that although these are the easiest comments, the market is unpredictable. In this context, sometimes the most obvious interpretations of a chart are useful. “Graphs change form from time to time.” says.

Source: Peter Brandt

Macroeconomic factors and option expiration in focus

The latest inflation information from the US Labor Department shows signs of cooling. May Consumer Price Index (CPI) and Producer Price Index (PPI) reports show that inflationary pressures in the country have decreased. In particular, this development will likely affect the Fed’s approach to interest rates. However, the Fed adopting a more dovish stance could provide some relief to the crypto market. It is possible that a potential policy change could mitigate further declines in Bitcoin’s price. Thus, it is possible to provide a possible lifeline for investors.

Meanwhile, another critical factor affecting the price of Bitcoin is the expiration of 20,000 Bitcoin options on June 14, 2024. Expiration activity of options often creates significant volatility as investors adjust their positions. Notably, the maximum pain point for this expiration is at $68,500. This indicates the price level at which many options will expire. At the time of writing, Bitcoin price remained in the red and crossed the $67,000 level. In the last 24 hours, its price rose to $68,337.23 and fell to $66,304.57. Thus, it reflected the volatile scenario in the market.