Bitcoin (BTC) could fall as low as $12,700 in the near future unless the flagship cryptocurrency closes above the May 31 high on the weekly chart. This is according to Peter Brandt, a veteran trader known for accurately predicting the crypto market top in December 2017. Peter Brandt Predicts Bearish Outlook for BTC Peter Brandt, a popular veteran futures trader has made a negative analysis of the world’s largest cryptocurrency by market cap, Bitcoin (BTC). Earlier today, Brandt predicted that Bitcoin (BTC) could fall as low as $12,700 in the near future unless the digital asset closes above the May 31 high when it surged to $32,206. “Unless Bitcoin $BTC can close above the May 31 high, this chart could become a textbook example of the famed ‘Drano’ chart pattern,” Brandt wrote in his tweet. Unless Bitcoin $BTC can close above the May 31 high this chart could become a textbook example of the famed "Drano" chart pattern pic.twitter.com/X57mDNO5Qu — Peter Brandt (@PeterLBrandt) June 12, 2022 However, the trader also admits that the $20,000 support is “very solid,” meaning that the most bearish scenario remains unlikely for now. IMO the support at 19k to 20k will be very solid if we get down that low even — Peter Brandt (@PeterLBrandt) June 13, 2022 Dipping Below $25,000 The global crypto market cap was around $1.1 trillion due to a huge correction in the valuation of Bitcoin (BTC), with the cryptocurrency diving below $25,000. Th...
