Veteran analyst Peter Brandt has provided insights into the current Bitcoin price action amid the recent market decline. The analyst outlined what needs to happen for BTC to flip bullish and possibly reach new highs.
Peter Brandt Reveals What Needs To Happen For The Bitcoin Price To Flip Bullish
In an X post, Peter Brandt outlined three things which provided an idea of what needs to happen for the Bitcoin price to flip bullish amid its recent decline to as low as $76,000. First, the veteran analyst stated that the market needs to complete the double top pattern. His accompanying chart showed that this double top pattern formed when BTC failed to break past $108,100 on two retests.
For the Bitcoin price to complete this double top pattern, it would need to successfully retest the $89,667 price level and break above it. The second condition Brandt outlined was that the top needs to be retested by the bullish pennant. His chart suggested that this condition could be fulfilled with BTC retesting the $95,321 price level. The analyst hammered on this, stating that Bitcoin’s price must recapture this level to turn positive.
Meanwhile, for the third condition, Brandt stated that completing the Pennant will confirm a bearish chart. His accompanying chart showed that a drop from the $90,000 range to as low as $81,513 would complete this pennant. As such, BTC must avoid dropping to this price level again if it reclaims the $90,000 range to avoid invalidating the potential bullish reversal.
At the moment, the Bitcoin price is looking very bearish, having recently dropped to as low as $76,000, sparking concerns about a bear market. BTC has enjoyed a relief bounce and is looking to reclaim the $80,000 range. However, it remains to be seen if it can recapture the $90,000 range, which Brandt indicated is very important in invalidating Bitcoin’s current bearish setup.
Arthur Hayes Comments On BTC’s Recent Decline
In an X post, BitMEX co-founder Arthur Hayes commented on the Bitcoin price’s recent decline and outlined a ‘plan’ for the flagship crypto. He called on market participants to be patient as BTC will likely bottom at around $70,000, representing a 36% correction from its current all-time high (ATH). He noted that such price correction is normal for a bull market.
Once the Bitcoin price bottoms, Hayes stated that BTC needs the stock market to enter free fall and for the “TradFi” muppet to go under. With these assets crashing, the BitMEX founder predicted that the US Federal Reserve and Central Banks in other countries will implement monetary easing policies, which is bullish for Bitcoin.
Hayes expects the Bitcoin price to rebound once these central banks ease their monetary policies. He noted that traders will try to buy the dip. For those who are more risk-averse, he advised waiting for the monetary easing policies, although he remarked that those who wait might not catch the bottom.
At the time of writing, the Bitcoin price is trading at around $79,000, down over 3% in the last 24 hours, according to data from CoinMarketCap.
