Bitcoin price is once again resting in the red amid a broader crypto market selloff today. Notably, the dip comes as market watchers eagerly await the upcoming US PCE inflation data, which might provide clarity on the Fed’s future stance with their rate cut plans. However, with the ongoing gloomy sentiment in the market, veteran trader Peter Brandt hints at a possible BTC crash to $70K ahead.
Bitcoin Price Slips: What Lies Ahead?
BTC price today was down more than 1.4% during writing and slipped below the $86,000 mark. Its trading volume from yesterday also recorded a slump of 2.4% to $25.8 billion. Notably, Bitcoin price has touched a 24-hour high and low of $85,837.93 and $87,702.17.
However, a BTC price prediction showed that the crypto might end this month with a recovery to the $88K level. Despite that, Bitcoin Futures Open Interest was down over 1.5%, indicating a waning risk-bet appetite of the traders.
Peter Brandt Hints At Bitcoin Price Crash
Amid the ongoing gloomy momentum recorded in the broader crypto market, veteran trader and market expert Peter Brandt hints towards a potential BTC price crash ahead. For context, in a recent analysis on X, expert HTL-NL showed a chart that indicates BTC’s potential crash to $76,700 or even to around $70,000.
Sharing the analysis, Brandt said, “This is not an unreasonable expectation.” It indicates that the expert also believes that BTC might face strong selling pressure, which could send it to around the $70K level.
Will The Bulls Dominate After US PCE Inflation Release?
The current dip appears to be due to the investors staying on the sideline ahead of the crucial US PCE inflation release, scheduled for later today. Having said that, if the US PCE inflation comes in tandem with the market expectations, it could significantly boost the market sentiment.
Notably, the declining inflationary pressure could help the US Fed to move with a dovish policy rate plan. Usually, the lower rates help boost the traders’ confidence, which in turn could drive the Bitcoin price higher.
Meanwhile, analyst Javon Marks also shared a bullish forecast recently. In a recent X post, Marks highlighted BTC’s previous surge from $19K to $67,543. Comparing that with the current level, the expert predicted that BTC could hit between $116,600 and $118,800 if the history repeats.
Besides, a flurry of other experts also anticipates a potential BTC breakout to a new ATH ahead. For context, Michael van de Poppe in a recent X post said that Bitcoin’s “Drops getting absorbed quickly and buying pressure is building up.”
Considering that, he hinted towards a strong run for the flagship crypto in Q2. However, some have argued that for the bullish momentum to continue, the Bitcoin price must breach the crucial $90K support ahead.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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