Will BTC Hit $62,500? Peter Brandt’s Bitcoin Price Prediction
Story Highlights
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If BTC’s 4-hour candle closes above $58,400, there is a high chance it could soar to the $62,500 level.
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Brandt predicted that Bitcoin (BTC) could fall to the $40,000 level before the next halving event.
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An Expert hints the crypto market has returned to an extreme fear zone, offering an opportunity to buy Bitcoin.
During the ongoing market recovery, veteran trader and chartist Peter Brandt recently made a post on X (previously Twitter) that gathered massive attention from the crypto community.
Peter Brandt’s Bitcoin prediction
In a post, Brandt predicted that Bitcoin (BTC) the world’s biggest cryptocurrency, could fall to the $40,000 level before the next half of the halving cycle. Despite Brandt’s future prediction, BTC is currently experiencing an impressive upside move and is on the verge of a crucial breakout.
It will be my honor to record a video today for @RealVision @RaoulGMI to discuss this chart. I believe there is a 50% chance $BTC visits sub-$40k before the last half of the halving plays itself out pic.twitter.com/FJGuYKlvXC
— Peter Brandt (@PeterLBrandt) August 8, 2024
Bitcoin price analysis
At press time, BTC is trading near the $58,200 level and has experienced a price jump of 2% in the last 24 hours. Meanwhile, its trading volume has dropped by 8% during the same period, suggesting potential fear among investors.
Additionally, BTC’s open interest (OI) is gradually increasing as it approaches a crucial resistance level. In the last 4-hour BTC’s OI has increased by 2%, as per an on-chain analytic firm CoinGlass.
Bitcoin price prediction
According to expert technical analysis, BTC is at a crucial level and is getting resistance from both a horizontal level and an inclined trendline near $58,400. At this point, there are two possibilities:
Source: Trading View
If the BTC’s 4-hour candle closes above the resistance level of $58,400, there is a high chance it could rise further by 5% to $62,500 near its 200 Exponential Moving Average (EMA). Conversely, if BTC’s 4-hour candle closes below the $56,900 level, there is a significant chance it could decline by 7% to its next channel support level of $52,500.
Based on the historical data and price momentum, BTC has experienced this resistance level three times in the last 10 days, each time resulting in a price decline. However, short sellers are expecting a similar move this time as well.
Expert comments on Bitcoin
In addition to Bitcoin price prediction, a prominent analyst recently shared a post on X, that the crypto market has returned to an extreme fear zone, potentially offering a prime opportunity to buy Bitcoin. He also added, “Remember, be greedy when others are fearful.”
