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- 🚀 #GateNewbieVillageEpisode5 ✖️ @Surrealist5N1K
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Trader Peter Brandt: Bitcoin may fall to $60,000 to hit bottom.
On November 4, renowned trader and chart analyst Peter Brandt assessed that Bitcoin may fall to $60,000 based on the power law model chart from the technical analysis company JDK Analysis. According to Cointelegraph's analysis, BTC's weekly chart confirms the falling wedge pattern, as the price previously lost support from the trendline below $114,550 of the pattern. Long positions are currently struggling to keep the price above the 50-week simple moving average (SMA), which is currently at $103,300. Other key defensive lines are the psychological barrier of $100,000 and the 100-week moving average of $82,000. If Bitcoin's weekly closing price falls below this range, it will drop towards the wedge target price of $72,000, a 30% decline from the current price.