Veteran Trader Peter Brandt Predicts Bitcoin May Plummet to $44,000 – The Reasons Behind His Forecast

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    <p><a target="_blank" href="https://bitcoinist.com/bitcoin-bull-brandt-burns-schiff-stop-betting-on-dead-horses/" rel="nofollow"><span style="font-weight: 400">Experienced market analyst Peter Brandt</span></a><span style="font-weight: 400"> suggested that Bitcoin's value </span><a target="_blank" href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-crash-10-69000/"><span style="font-weight: 400">could plummet to $44,000</span></a><span style="font-weight: 400">. This forecast was made based on a </span><a target="_blank" href="https://bitcoinist.com/bitcoin-price-outlook-community-bearish/" rel="nofollow"><span style="font-weight: 400">negative technical signal</span></a><span style="font-weight: 400"> for the prominent cryptocurrency.</span></p>
    <h2>Why Bitcoin Might Fall to $44,000</h2>
    <p><span style="font-weight: 400">Brandt shared in a post on X (previously known as Twitter) </span><a target="_blank" href="https://x.com/PeterLBrandt/status/1809961868603048271" rel="nofollow"><span style="font-weight: 400">that </span></a><span style="font-weight: 400"> Bitcoin might reach a low of $44,000 if it confirms a </span><a target="_blank" href="https://bitcoinist.com/call-for-a-46000-bitcoin-emerge-on-double-top-breakdown/" rel="nofollow"><span style="font-weight: 400">double top formation</span></a><span style="font-weight: 400">—a bearish indicator characterized by two peaks and a </span><a target="_blank" href="https://bitcoinist.com/call-for-a-46000-bitcoin-emerge-on-double-top-breakdown/" rel="nofollow"><span style="font-weight: 400">slight trough</span></a><span style="font-weight: 400"> between them.</span></p>

    <h2 class="jeg_block_title"><span>Related Reading</span></h2>

    <figure id="attachment_628409" aria-describedby="caption-attachment-628409" style="width: 460px" class="wp-caption aligncenter">
        <img decoding="async" class="size-medium wp-image-628409" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_33fecd.png?w=460&resize=460%2C270" alt="Bitcoin" width="460" height="270" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_33fecd.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_33fecd.png?w=460&resize=460%2C270 460w" sizes="(max-width: 460px) 100vw, 460px" loading="lazy" data-recalc-dims="1"/>
        <figcaption id="caption-attachment-628409" class="wp-caption-text">Source: X</figcaption>
    </figure>

    <p><span style="font-weight: 400">Brandt concurred with another X user, JK, who </span><a target="_blank" href="https://x.com/jonbking/status/1809965133973659836" rel="nofollow"><span style="font-weight: 400">commented</span></a><span style="font-weight: 400"> that the depth of Bitcoin's potential double top does not meet the 20% threshold noted by legendary analyst Richard Schabacker for a </span><a target="_blank" href="https://www.newsbtc.com/news/bitcoin-price-double-top-how-low-can-btc-drop/"><span style="font-weight: 400">definitive double top pattern</span></a><span style="font-weight: 400">. Hence, a double top may not be confirmed.</span></p>

    <h2>The Scenario for Bitcoin's Decline to $44,000</h2>
    <p><span style="font-weight: 400">Crypto pundit CrediBULL Crypto outlined a theory on how Bitcoin might drop to the </span><a target="_blank" href="https://bitcoinist.com/bitcoin-price-crashed-below-40000/" rel="nofollow"><span style="font-weight: 400">$40,000s</span></a><span style="font-weight: 400">, starting with a fall to a </span><a target="_blank" href="https://bitcoinist.com/bitcoin-targeting-50000-in-december-analysts/" rel="nofollow"><span style="font-weight: 400">support zone at $53,000</span></a><span style="font-weight: 400">. Should it fail to maintain this level, $44,000 could become a more likely target.</span></p>

    <h2 class="jeg_block_title"><span>Related Reading</span></h2>

    <p><span style="font-weight: 400">Despite these scenarios, CrediBUILL Crypto remains optimistic, predicting that Bitcoin is least likely to hit such lows and instead foresees a potential climb to </span><a target="_blank" href="https://bitcoinist.com/standard-chartered-100000-bitcoin-pre-us-elections/" rel="nofollow"><span style="font-weight: 400">$100,000 over the long term</span></a><span style="font-weight: 400">.</span></p>

    <figure style="width: 3286px" class="wp-caption aligncenter">
        <img decoding="async" class="size-medium" src="https://www.tradingview.com/x/m26QaZsZ/" alt="Bitcoin price chart from Tradingview.com" width="3286" height="1578" loading="lazy"/>
        <figcaption class="wp-caption-text">BTC facing resistance | Source: <a target="_blank" href="http://Tradingview.com" rel="nofollow">BTCUSD on TradingView.com</a></figcaption>
    </figure>

    <p>Image generated via Dall.E, chart from TradingView.com</p>
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