Peter Brandt Warns of Bitcoin Price Decrease Amidst Growing Pessimism

Summary:
Peter Brandt, a renowned trader known for his accurate Bitcoin price predictions, acknowledges that recent events have led to a growing pessimistic sentiment in the cryptocurrency community. Brandt believes that the U.S. debt limit crisis and increasing volatility will cause Bitcoin’s price to decrease. He predicts a potential drop below $26,800 but remains hopeful that the price will eventually recover.

Due to his consistently correct forecasts of the Bitcoin price, Peter Brandt’s updates are widely followed in the cryptocurrency world. Despite his continued optimism about Bitcoin reaching $400,000, he acknowledges that pessimistic opinion is growing in light of recent events.

The legendary trader said the rising volatility and uncertainty caused by the U.S. debt limit crisis will cause Bitcoin’s price to decrease.

Investors Would Look to Buy the Dip

Peter Brandt, a veteran trader, tweeted on May 22 that he believes the price of Bitcoin will go below $26,800. Bitcoin’s price will resume its upward trend after the downturn. He has previously advocated buying Bitcoin in the “long” position and set a $40,000 price goal for Bitcoin.

His calculations show that a drop of $24,800 for Bitcoin is possible. On-chain data and technical indications indicated to an impending collapse in Bitcoin price, which was also highlighted by other experts. If the price of bitcoin drops, that’s a chance for investors to purchase. For those who claim to disagree and who now see no negative risks in the BTC price, he issued a caution.

The veteran trader stated:

“Perhaps one more shake out break, then thrust higher. But hey, that’s just a guess, and guessing is the best we have to offer. If anyone is dogmatic about their brilliance, turn and run, protecting your wallet.”

Bitcoin right now is trading at $26,803 and is down 1% in the last 24 hours as per data from CoinMarketCap.