Bitcoin at Risk of $46,000 Drop: Expert Warns of Major Price Shift

Thursday's crypto market witnessed a significant shake-up, with $100 million in liquidations recorded in just one day, primarily impacting long positions.

This fresh wave of instability has sparked a search for expert opinions to make sense of the current situation. Renowned trader Peter Brandt, who has been a fixture in the financial world since the 1970s, has offered his analysis on Bitcoin’s trajectory.

This is called an inverted expanding triangle or a megaphone. A test of the lower boundary would be to 46,000 or so. A massive thrust into new ATHs is required to get this bull market back on track $BTC
Selling is stronger than buying in this pattern pic.twitter.com/ekDZUJXXgd

— Peter Brandt (@PeterLBrandt) September 5, 2024

Brandt has observed what he describes as an “inverted expanding triangle” or “megaphone” pattern in Bitcoin’s price chart. This pattern suggests that Bitcoin could potentially drop to around $46,000, given its current price of $55,500.

If this pattern holds true, a 17% decrease could be on the horizon. On the other hand, Brandt highlights that for a significant bullish turnaround, Bitcoin would need to reach approximately $74,000.

This represents a 32% increase from its current value, which Brandt sees as crucial for a positive shift in market dynamics.

In summary, Brandt indicates that the current market is more influenced by selling pressure than buying interest, and the extent of this trend will become clearer in the near future.