Peter Brandt, a legendary trader, is of the opinion that the price of Bitcoin (BTC) may have one more shakeout before it begins to trend upward. However, he refers to this as an estimate and asserts that it is the best that he can provide at this time. According to him, perhaps just one more pause would happen to shake things up before going higher. He, therefore, advises that if anyone is dogmatic about the forecast, they should immediately turn around and run for their money.
According to the news, a cryptocurrency expert by the name of “Carl from the Moon” discovered a pattern of symmetrical triangles, which normally signals consolidation. He suggests a goal of either $25,000 or $30,000, and it all depends on which way the price breakout goes.
Further stats on Bitcoin
At the beginning of trading on Monday, the price of Bitcoin was still in the negative, having fallen by 0.66% in the previous twenty-four hours to reach $26,866. The cryptocurrency market has become uninteresting as a result of Bitcoin (BTC), the most valuable digital asset in the world according to market value, having settled within the narrowest price range it has seen in months.
Insofar as the alignment of technical components for a large rise on the Bitcoin price, Glassnode recently highlighted that network settlement remained unimpressive when compared to bullish market circumstances. This is despite the fact that market conditions have been bullish.
On May 20, it was announced that the entire transfer volume moved on the Bitcoin network had declined to a value of $2.73 billion per day, which indicates a lower network throughput than that experienced in the main bull market of 2021. This news came about as a result of a reduction in the value of the total transfer volume moved on the Bitcoin network.
According to on-chain analytics company Glassnode, the range, or the difference between the peak and low hit in the seven days preceding up to May 21, was 3.4%. This figure was determined by calculating the difference between the top and low hit. This is on pace with the slow trading that occurred in January 2023 and July 2020 and is still one of the tightest in the last three years.
The price range that Bitcoin has stabilized inside over the last seven days (3.4% of the total) is one of the narrowest that it has seen in the past three years. It is analogous to January 2023 and July 2020, both of which occurred just before significant market movements… The blockchain analytics company continued by saying, “This indicates that high volatility is likely to be on the horizon,” while also forecasting a huge market shift.