Brandt has come up with bad predictions for the world’s largest cryptocurrency.
Peter Brandt, a popular veteran futures trader who has been outspoken about cryptocurrency market conditions and prices, has done a negative analysis of the world’s largest digital currency by market capitalization, Bitcoin (BTC).
Brandt made a prediction earlier today that Bitcoin could fall as low as $12,700 in the near future unless the asset class closes above the May 31 high, when BTC surged to $32,206.
The veteran futures trader said in a tweet:
“Unless Bitcoin $BTC can close above the May 31 high, this chart could become a textbook example of the famed “Drano” chart pattern.”
Unless Bitcoin $BTC can close above the May 31 high this chart could become a textbook example of the famed “Drano” chart pattern pic.twitter.com/X57mDNO5Qu
— Peter Brandt (@PeterLBrandt) June 12, 2022
BTC Dumps Amid Rising U.S. Inflation
It is worth noting that Bitcoin has fallen tremendously since June 10, 2022. The top asset has dipped from above $30,000 to $25,043 between June 10, 2022, till date, which is making many believe that Brandt’s BTC prediction may be on the verge of happening.
At press time, Bitcoin is currently changing hands at $25,612.
Over the past four days, a couple of events have been considered responsible for Bitcoin’s massive dip, including the impact of rising U.S. inflation and the Celer Network’s incident.
According to Bloomberg:
“Following rising inflation in the United States, many crypto traders have expressed concerns that U.S. authorities may introduce more stringent measures to mitigate inflation levels in the country. Federal Reserve tightening after data Friday showed US inflation jumped to a fresh 40-year high in May. This triggered a selloff in risk assets including crypto and stocks.”
Brandt’s Previous Ethereum Prediction
Meanwhile, Brandt has been known to make close to accurate market forecasts for selected digital currencies in the past.
The veteran futures trader recently predicted that Ethereum (ETH), the second-largest cryptocurrency by market capitalization, may dip to below $1,265. Interestingly, it did not take up to a week before the second top crypto asset saw itself floating around the levels predicted by Brandt. ETH price is suffering Following news of the Ethereum “Difficulty Bomb” delays.
Ethereum fell to around $1,318 across major exchanges in the last 24 hours. The asset class has gained slightly in the past hour, as it is currently trading at $1,352.