Bitcoin To Fall To $54K? Veteran Trader Questions Whether Strategy Investors Can Hold On

Bitcoin To Fall To K? Veteran Trader Questions Whether Strategy Investors Can Hold On

Bitcoin’s rout is far from over, according to veteran commodities trader Peter Brandt.

Over the past week, Bitcoin has dropped as much as 17% from over $90,000 to around $74,600 as markets weighed the nomination of former Federal Reserve Governor Kevin Warsh for chair of the central bank, escalating geopolitical tensions and a partial U.S. government shutdown.

Amid the market uncertainty, recent posts from Brandt suggest that Bitcoin is likely to continue its decline to trade between $58,000 and $54,000, 54% and 57% below its record price of $126,000 in October.

Don’t Miss:

The $58,000 target is based on a Bitcoin Power Law chart Brandt shared on X on Saturday, which had a support zone between $63,000 and $38,000.

“Next stop is 58th street,” Brandt said at the time. “The conductor will be coming through the train collecting tickets so make sure you are on the right train.”

However, Brandt on Monday shared another daily candle chart showing Bitcoin on Jan. 25 had broken out of a bearish channel it has been stuck in since November to the downside, setting a target of $54,000.

Trade cryptocurrency and stocks on Kraken Pro, an advanced trading platform offered by Kraken, one of the world’s most established cryptocurrency exchanges. The platform offers advanced order type and deep liquidity to help users execute complex strategies with precision. Kraken Pro is free to access with a Kraken account.

Trending: Americans With a Financial Plan Can 4X Their Wealth — Get Your Personalized Plan from a CFP Pro

As for when this potential price bottom could materialize, Brandt on Jan. 29 suggested between August and October.

“BTC to bottom in Aug-Oct then straight up,” he said on X. “Anyway, my think this minute.”

Bitcoin’s upside target could be between $226,000 and $341,000 based on the Power Law chart shared by Brandt on Saturday.

Meanwhile, Brandt on Monday also appeared to question whether investors in pioneer Bitcoin treasury company Strategy (NASDAQ:MSTR) can hold on for the ride.

“When on this journey will investors want to start jumping from the Sayl_boat?” he said. “MS will do just great, but what about his investors?”

See Also: Motley Fool’s analysts have built a new lineup of passive ETFs — explore which “Foolish” strategy fits your investment goals.

The remarks come as Strategy’s Bitcoin holdings briefly went underwater during the recent drawdown. Still, the company on Monday announced the purchase of 855 BTC for approximately $75.3 million at an average price of $87,974 per coin, bringing its stash to 713,502 BTC.

Source link