Bitcoin Price Predicted To Drop To $13,000, According To Peter Brandt

Bitcoin price prediction. (Unsplash)

JAKARTA – Currently, the crypto market is in a bearish phase. Veteran trader, Peter Brandt stated that the price of Bitcoin has the potential to decline again.

For your information, Peter Brandt is a well-known derivatives trader with almost 50 years of experience and is also an active cryptocurrency commentator on Twitter.

Yesterday, he estimated that the next target for the BTC price might be around $13,000 based on the double-top pattern.

The double top is a very bearish technical reversal pattern. It forms after the asset has managed to hit two consecutive highs, spreading with moderate declines between the two.

The pattern is generally considered confirmed once the price has dropped below the same support level as the low between the two previous highs.

On the other hand, former BitMEX CEO Arthur Hayes argues that $20,000 is a critical level for Bitcoin.

“While the charts are running, you better pull out your Lord Satoshi prayer book and hope God shows kindness to the soul of the crypto market. Before this level is broken, you'd better shut down your computer because your graphics won't be useful for a while", said Arthur Hayes.

He further stated that the critical level for the number two cryptocurrency, Ethereum, is 1,000 US dollars. As is known, the Bitcoin Fear and Greed Index metric also dropped to level 7 which indicates the market is in the extreme fear phase.