Peter Brandt: Bitcoin will fall below $ 44,000

Peter Brandt, a technical analyst and chairman of Factor LLC, said that the correction of bitcoin BTC $63,739.03 Bitcoin -3.03% Market capitalization $1.26 trillion VOL. 24 hours $1.54 billion may continue to $ 44,000. According to the crypto expert, a bearish double top pattern is forming on the daily chart of the market leader, which signals a trend change. If this scenario materializes, bitcoin could fall to $ 43,970.

Although the current deviation from the double top peaks is only 10%, the model proposed by the expert suggests a 20% drop. That is why Brandt allowed for the possibility of both the end of the bearish movement and its continuation, depending on the further dynamics of the crypto market.

At the time of writing, bitcoin is trading at $ 59,022, having added 2.9% per day. The total supply of coins on the market amounted to $ 1.16 billion. Traders made daily trading deals with BTC worth $ 28.8 billion. Bitcoin’s market share remains at 53.9%. The fear and greed index is still pessimistic at 40 points.