BTC’s Current Downtrend Was A Deliberate Plan – Peter Brandt

BTC is yet to establish a local high following a brutal weekend for the crypto market.

Various Analytics Prove The Deliberate Plan Strategy 

Even though it has gained 2.5% in the last 24 hours, its week-on-week performance still stands at a 15% loss.

BTC downtrend 4-hour chart. Source: TradingView

A material indicators data forecasts that the $46k price level is BTC’s crucial support level. Already, there are more than $27m orders at this price level. However, BTC might also attain several resistance price ranges, notably the $50k and $51k price ranges. 

This data also claimed that large stakeholders have been responsible for BTC’s downward price trend based on the fed chair’s speech late last week. A leading crypto analyst with the Twitter username, Material Scientist, agreed with the Material Indicators data, saying that there was a lot of movement in the BTC order book almost immediately after the Fed chair’s speech.

 

The Material Indicators data also predicted that the $70k and $55k levels represent BTC’s crucial resistance and support price ranges. Those were its ranges before December 3, when the market sentiment changed to the negative suddenly.

This data further revealed that the buy and sell transactions seen on exchanges in the last seven days are similar to those of institutional stakeholders. This analysis aligned with a QCP Capital prediction that some large stakeholders were drawing down the BTC price as it nears $60K.

Peter Brandt Weighs In On The Matter

Popular crypto enthusiast, Peter Brandt, agreed with the previous comments. Brandt tweeted that what convinced him was that the selling volume in this downtrend was significantly less than that of May 2021, when BTC declined to about $30k. He further said, “this panic selling volume doesn’t resemble similar market bottoms. Even though such panic selling isn’t significant, the volume-selling during this dip represents a price decline similar to one caused by large stakeholders.”

There could still be more BTC price decline as the selling pressure hasn’t slackened yet, even though BTC’s price currently trades higher than $40K. This additional selling pressure could cause BTC to dip towards the $30K price point as it happened in May 2021.

More Downtrend May Still Occur

But before then, the general crypto market is still mildly volatile and is not yet bullish. This prediction won’t sit well with those expecting the leading cryptocurrency to behave like it did in 2013 and 2017. During the years mentioned above, BTC rallied massively into the last month of the year despite being preceded by a multi-year bearishness.

But it might behave differently this time because there are more new entrants than long-term holders, which modifies the dynamics here. BTC’s wider adoption by institutional investors means that they could influence its price at any time. Dan Tapiero and William Clemente, both veteran crypto players, agree that there have been many changes to BTC’s dynamics compared to its dynamics four and eight years ago.

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