Bitcoin Bulls Exhausted! Peter Brandt Predicts Massive Market Shakeup

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After being rejected between $29k and $31k, it is safe to assume Bitcoin bulls are exhausted and the bears are partially in control over short-term prospects. After rallying more than 70 percent this year, Bitcoin sellers could be outweighing buyers despite the rise in global inflation. Technically, the Bitcoin weekly death cross, in regards to the 50 and 200 MAs, could be motivating the short sellers. Moreover, the Bitcoin price seems to have lost the $27k support following the recent dips.

Also Read: Bitcoin Live Price: Top Analyst Reveals BTC Price Action For The Upcoming Weeks – Coinpedia Fintech News

Bitcoin Price Analysis by Peter Brandt

According to veteran trader Peter Brandt, Bitcoin price is on the verge of further capitulation in the coming days. In his latest Bitcoin price update, Brandt noted that the top digital asset is looking at a possible shakeout before a thrust to new highs.

From the chart provided, the analyst issued two support levels that he thinks the Bitcoin price will significantly rely on. In the short term, the analyst noted that Bitcoin price could fall as far as $25k and find some temporary solace. 

However, Brandt noted that if the $25k support level does not hold, then the instrument could fall as far as $18k.

In this regard, the analyst had previously warned crypto traders to be wary of a possible head and shoulder chart pattern. Brandt had outlined $27k as the neckline that Bitcoin bulls had to hold in order to ensure a sustained rally.

Bullish Outlook For Bitcoin

Nevertheless, the analyst remains optimistic about Bitcoin’s long-term growth prospects despite the current headwinds. In a recent case study, Brandt highlighted that it is only a matter of time before Bitcoin sets a new ATH.