Bitcoin continued to trade sideways Tuesday, threatening to extend its week-long stay within a narrow range. On Sunday, the largest cryptocurrency by market capitalization rose as high as $23,955 before recoiling. This is the second time the top crypto has teased $24,000 this month after tapping $23,799 last Wednesday.
Other cryptocurrencies also fell in tandem, with Ether, XRP and MATIC losing roughly 2.16%,3.17%, and 7.03% in the past 48 hours, respectively. Conversely, the global crypto market cap declined by 2.11% to sit at $1.05T at press time.
Bitcoin’s plunge comes ahead of this week’s data-filled calendar, with several tech giants, including Google, Amazon and Apple, expected to release quarterly earnings reports. Notably, investors have also been reducing exposure, fearing that the upcoming Fed rate hike decision on Wednesday could rattle markets.
Nevertheless, legendary trader Peter Brandt has shared his thoughts on Bitcoin, noting that the pioneer cryptocurrency could continue pushing higher.
Bitcoin To Hit $25,000, says Brandt
Brandt highlighted a “double-walled fulcrum pattern” visible on the bitcoin chart’s four-hour timeframe. According to the pundit, the “extremely rare” pattern signalled that Bitcoin had already bottomed in the $15,000-$16,000 price range and was ready for lift-off. Brandt further noted that he expected the price to tap $25,000 in the near term, saying, “the 2X target is mid 25’s.”
Advertisement     BTCUSD Chart via TradingView By PeterLBrandt
In a “weekly crypto outlook” video uploaded Jan 28, Brandt had expressed optimism over Bitcoin returning to its all-time high of $68,789 mid-2023. He further noted that Bitcoin would hit $25,000 before correcting to $19,000 and thereafter begin its ascent to its ATH. He, however placed a caveat on his analysis, noting that it could be difficult to predict prices in the current market conditions.
On the other hand, Crypto analyst “Rekt Capital” believes that a strong monthly close will be crucial for Bitcoin’s price in the coming months. Tweeting today, the pundit noted that “A Monthly Close above $23,400 would be bullish for BTC”.
Bitcoin grew by over 40% in January, fully recovering from the FTX-induced drop and returning to levels last seen in August 2022. While the epic rise has been sudden, it has stoked the interest of investors, with some now awaiting a pullback to hop in at discounted prices. Last week, Goldman Sachs described Bitcoin as the best-performing asset in the world, increasing the prospects of more investors onboarding the Bitcoin train.
At press time, Bitcoin was trading at $23,110 after a 1.10% drop in the past 24 hours, according to CoinMarketCap data.