Peter Brandt forecasts Bitcoin drop to $28,000

Bitcoin is set to test the $28,000 level, says trader and Factor LLC chief Peter Brandt.

The completion of a bear channel typically results in a decline equal to the width of the channel, or in this case a hard test of 32,000 or so — my guess is 28,000
This does NOT make me a hater $BTC pic.twitter.com/tTtuALZvSt

— Peter Brandt (@PeterLBrandt) April 30, 2022

The expert drew attention to the pattern that Bitcoin has formed since the start of the year and its breach of its lower boundary.

\”The completion of a bear channel typically leads to a decline equal to its width. In this case — a hard test of $32,000 or so, but I think — $28,000,\” commented Brandt.

He stressed that the forecast does not make him a ‘Bitcoin hater’.

On May 1, the price of the first cryptocurrency hit a local low below $38,000.

In April, former BitMEX CEO and co-founder Arthur Hayes forecast Bitcoin slumping to $30,000 by the end of the first half of the year. He linked this to a potential decline in the Nasdaq 100 index (NDX), with which digital gold is highly correlated.

Arcane Research analysts confirmed that the statistical correlation between Bitcoin and the Nasdaq index reached its maximum since July 2020.

However, by year-end fintech experts participating in Finder’s survey expect Bitcoin to trade at levels above $65 000 with further gains.

Hayes, who predicted a surge to $1 million by the end of the decade, remains bullish on Bitcoin.

Brandt believes that digital gold will return to a bull market in May 2024.