{"id":384946,"date":"2019-06-04T20:00:46","date_gmt":"2019-06-04T20:00:46","guid":{"rendered":"https:\/\/wncen.com\/?p=384946"},"modified":"2024-06-11T13:43:49","modified_gmt":"2024-06-11T13:43:49","slug":"peter-brandt-bitcoin-price-target","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/peter-brandt-bitcoin-price-target\/","title":{"rendered":"Peter Brandt Bearish After Bitcoin Breaks Bullish Trend, Expects Further Reversal"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">After <a href=\"https:\/\/wncen.com\/2019\/05\/11\/bitcoin-price-parabola-broken\/\">two full months of a parabolic uptrend<\/a>, Bitcoin\u2019s bullish momentum has started to wane, and a deep, overdue correction is expected by much of the crypto community. Following a strong rejection at $9,000, <a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> has fallen below $8,000 where it\u2019s retesting the former support turned resistance.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The break in Bitcoin price parabola back at the crypto asset\u2019s all-time high of $20,000 resulted in an over 80% decline in value \u2013 a decline almost <a href=\"https:\/\/wncen.com\/2019\/02\/27\/peter-brandt-bitcoin-price-bottom\/\">perfectly predicted by professional career trader Peter Brandt<\/a>. In the wake of the break of Bitcoin\u2019s most recent parabolic rise, the trader is back at it once again, calling for a 33% decline in the Bitcoin price that could take the asset to the $5,000 region.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.tradingview.com\/x\/NjUOItEu\/\" width=\"749\" height=\"480\"><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Peter Brandt Targets $2K Bitcoin Price Target After Recent Rally \u201cDoji Top\u201d<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">At the start of April, <a href=\"https:\/\/wncen.com\/2019\/04\/04\/bitcoin-price-rose-more-in-one-hour-than-last-two-months-combined\/\">Bitcoin left behind its range below $4,200<\/a> and never looked back, breaking through major resistance level after major resistance level with relative ease. The powerful bullish rally took the price of Bitcoin to a local high of $9,000 before a violent rejection sent the price plummeting $1,000 in a matter of minutes.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Price recovered, but was unable to re-enter a triangle chart formation, essentially confirming that the rally was indeed over.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/05\/29\/bitcoin-price-targets-at-bottom-show-that-crypto-markets-are-unpredictable\/\">Bitcoin Price Targets at Bottom Show That Crypto Markets Are Unpredictable<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">Another indicator the rally had ended, according to professional career trader <a href=\"https:\/\/wncen.com\/tag\/peter-brandt\/\">Peter Brandt<\/a>, is a \u201cDoji top\u201d on Bitcoin\u2019s weekly chart. <a href=\"https:\/\/www.investopedia.com\/terms\/d\/doji.asp\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Doji candles<\/a> at the top or bottom of a trend signals exhaustion of the said trend, and could indicate that a reversal is near. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Further evidence painted on the chart can be seen in increasingly smaller green candles leading up to the Doji. This week\u2019s candle is already well in the red, and <a href=\"https:\/\/wncen.com\/2019\/05\/07\/crypto-analyst-bitcoin-price-btc\/\">after four consecutive monthly green candle closes<\/a>, the probability that Bitcoin closes the month of June in the red is high.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Doji top on weekly chart begins correction. <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> <a href=\"https:\/\/t.co\/9L9YCZbrP8\" rel=\"nofollow\">pic.twitter.com\/9L9YCZbrP8<\/a><\/p>\n<p>&mdash; Peter Brandt (@PeterLBrandt) <a href=\"https:\/\/twitter.com\/PeterLBrandt\/status\/40612096?ref_src=twsrc%5Etfw\" rel=\"nofollow\">June 4, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\">In Brandt\u2019s analysis that the \u201ccorrection\u201d beginning with the Doji top on the weekly chart, his chart appears to highlight a price target \u2013 depicted by the parabolic uptrend support seen in red, which states that BTC could fall all the way to $5,000.\u00a0<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Such a target would suggest that a nearly 33% decline in value from here is next for Bitcoin holders who just recently shed their disbelief and moved into the hope phase that a new bull run may be beginning. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">A drop of 33% to new Bitcoin&#8217;s cycle low would be a devastating blow to the entire crypto market, and potentially have long-term negative implications as most long-term moving averages would see a death cross once again.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Coming out of a bear market with such bullish momentum, it\u2019s difficult to consider that Bitcoin price may fall back down to new lows, but Peter Brandt in the past has called the price targets of parabolic breaks with chilling accuracy.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/02\/27\/peter-brandt-bitcoin-price-bottom\/\">Peter Brandt Calls For 80%+ Bitcoin Price Decline Over A Year Ago With Chilling Accuracy<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">Should the career trader be <a href=\"https:\/\/wncen.com\/2019\/02\/27\/peter-brandt-bitcoin-price-bottom\/\">correct once again<\/a>, there\u2019s a lot more pain to come for Bitcoin investors. It\u2019s also worth noting, though, that Brandt recently tweeted that Bitcoin had \u201cstabilized\u201d and was \u201cdipping\u201d his \u201ctoes\u201d back into the water with a position in Bitcoin \u2013 an asset he\u2019s repeatedly claimed to be bullish on long-term.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Take from his flip-flopping stance what you will, but there\u2019s no denying the next days in Bitcoin are critical and will have a major impact on where the asset trends next.<\/span><\/p>\n<pre>Featured image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>After two full months of a parabolic uptrend, Bitcoin\u2019s bullish momentum has started to wane, and a deep, overdue correction is expected by much of the crypto community. Following a strong rejection at $9,000, Bitcoin price has fallen below $8,000 where it\u2019s retesting the former support turned resistance. The break in Bitcoin price parabola back at the crypto asset\u2019s all-time high of $20,000 resulted in an over 80% decline in value \u2013 a decline almost perfectly predicted by professional career trader Peter Brandt. In the wake of the break of Bitcoin\u2019s most recent parabolic rise, the trader is back at it once again, calling for a 33% decline in the Bitcoin price that could take the asset to the $5,000 region. Peter Brandt Targets $2K Bitcoin Price Target After Recent Rally \u201cDoji Top\u201d At the start of April, Bitcoin left behind its range below $4,200 and never looked back, breaking through major resistance level after major resistance level with relative ease. The powerful bullish rally took the price of Bitcoin to a local high of $9,000 before a violent rejection sent the price plummeting $1,000 in a matter of minutes. Price recovered, but was unable to re-enter a triangle chart formation, essentially confirming that the rally was indeed over. Related Reading | Bitcoin Price Targets at Bottom Show That Crypto Markets Are Unpredictable Another indicator the rally had ended, according to professional career trader Peter Brandt, is a \u201cDoji top\u201d on Bitcoin\u2019s weekly chart. Doji candles at the top or bottom of a trend signals exhaustion of the said trend, and could indicate that a reversal is near. Further evidence painted on the chart can be seen in increasingly smaller green candles leading up to the Doji. This week\u2019s candle is already well in the red, and after four consecutive monthly green candle closes, the probability that Bitcoin closes the month of June in the red is high. Doji top on weekly chart begins correction. $BTC pic.twitter.com\/9L9YCZbrP8 &mdash; Peter Brandt (@PeterLBrandt) June 4, 2019 In Brandt\u2019s analysis that the \u201ccorrection\u201d beginning with the Doji top on the weekly chart, his chart appears to highlight a price target \u2013 depicted by the parabolic uptrend support seen in red, which states that BTC could fall all the way to $5,000.\u00a0 Such a target would suggest that a nearly 33% decline in value from here is next for Bitcoin holders who just recently shed their disbelief and moved into the hope phase that a new bull run may be beginning. A drop of 33% to new Bitcoin&#8217;s cycle low would be a devastating blow to the entire crypto market, and potentially have long-term negative implications as most long-term moving averages would see a death cross once again. Coming out of a bear market with such bullish momentum, it\u2019s difficult to consider that Bitcoin price may fall back down to new lows, but Peter Brandt in the past has called the price targets of parabolic breaks with chilling accuracy. Related Reading | Peter Brandt Calls For 80%+ Bitcoin Price Decline Over A Year Ago With Chilling Accuracy Should the career trader be correct once again, there\u2019s a lot more pain to come for Bitcoin investors. It\u2019s also worth noting, though, that Brandt recently tweeted that Bitcoin had \u201cstabilized\u201d and was \u201cdipping\u201d his \u201ctoes\u201d back into the water with a position in Bitcoin \u2013 an asset he\u2019s repeatedly claimed to be bullish on long-term. Take from his flip-flopping stance what you will, but there\u2019s no denying the next days in Bitcoin are critical and will have a major impact on where the asset trends next. Featured image from Shutterstock<\/p>\n","protected":false},"author":517,"featured_media":384653,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,679,35305,42671,17269],"class_list":["post-384946","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-bitcoin-price","tag-doji","tag-parabola","tag-peter-brandt"],"acf":[],"yoast_head":"\n<title>Peter Brandt Bearish After Bitcoin Breaks Bullish Trend, Expects Further Reversal<\/title>\n<meta name=\"description\" content=\"Career commodities and crypto trader Peter Brandt is calling for a Bitcoin price target of $2,000 after the break of its parabolic advance.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/peter-brandt-bitcoin-price-target\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Peter Brandt Bearish After Bitcoin Breaks Bullish Trend, Expects Further Reversal\" \/>\n<meta property=\"og:description\" content=\"Career commodities and crypto trader Peter Brandt is calling for a Bitcoin price target of $2,000 after the break of its parabolic advance.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/peter-brandt-bitcoin-price-target\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2019-06-04T20:00:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T13:43:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/06\/shutterstock_680368252-e06.jpg?fit=3000%2C2000\" \/>\n\t<meta property=\"og:image:width\" content=\"3000\" \/>\n\t<meta property=\"og:image:height\" content=\"2000\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;El Toro&quot; 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. 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